DESCRIPTION
This module is a comprehensive introduction to depreciation Tax law. The material focuses on delivering a core understanding of the common situations a Tax preparer will encounter when working on depreciation for their clients. Some exercises cover depreciation class lives, convention methods, and listed property. Group exercises all focus on options for maximizing Section 179 deductions and bonus depreciation as well as specific depreciation options for vehicles of all sizes.
LEARNING OBJECTIVES
- Identify TCJA changes affecting depreciation.
- Identify depreciable lives and methods for various asset classes including intangible assets.
- Apply section 179 and bonus first-year depreciation options to various scenarios.
- Identify assets that must be reported as listed property and discuss the effect of convention methods.
- Identify the different depreciation rules for different types of vehicles.
