Introduction to Fixed Assets Self-Study

Summary

This course introduces the basic depreciation concepts that must be applied when filling out Form 4562, Depreciation and Amortization, including the §179 election to expense certain depreciable business assets and bonus depreciation. It also reviews the special rules for listed property (property that is used for both business and personal purposes, such as vehicles). Finally, the course explains how to report the sale of business property on Form 4797, Sales of Business Property, as well as the tax consequences of these sales.

Objectives

Upon completion of this course, you will be able to:

• Identify the depreciation methods for fixed assets
• Apply the listed property rules
• Outline the requirements for claiming §179 and bonus depreciation
• Determine if a change to property is an improvement or a repair
• Complete Form 4562 when required
• Report the disposition of business property on the appropriate section of Form 4797
• Calculate the gain or loss on a sale
• Define depreciation recapture, unrecaptured §1250 gain and nonrecaptured §1231 losses
• Determine when §280F recapture is necessary

Course Details

This course includes an e-book and exam questions to help you earn CPE. CPE is issued after the exam is successfully completed.