Cost Recovery Methods

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Document Description

A real estate professional is preparing a depreciation schedule to complete his tax return. He owns a residential property that he rents. The list of depreciable assets are shown below.


Asset
Initial Basis/Cost
Acquisition Date
Residential Real Estate Asset
$125,000
2/1/2000
Furniture
$5,000
1/15/2013
Refrigerator
$200
6/15/2012
Microwave
$50
7/1/2013
Carpet
$1,000
8/2/2010
Fences
$2,000
2/1/2000
Requirements:
Analyze the information above. Modify the attached spreadsheet to address each of the numbered requirements. In the appropriate areas:
List the Asset Class.
Calculate the depreciation amount for the current tax year and list the table used.
Cite the information source from which you answered #1 and #2 (IRS publication, textbook, website, etc.).

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AssetResidential Real Estate AssetFurnitureRefrigeratorMicrowaveCarpetFencesInitial Basis/Cost Acquisition Date Asset Life Classification$125,000$5,000$200$50$1,000$2,0002/1/20001/15/20136/15/20127/1/20138/2/20102/1/200027.5 year property7 year property3 year property7 year property7 year property7 year propertyDepreciation rate3.75%14.29%33.33%14.29%14.29%14.29%Depreciation forcurrent year4,688$715$66.66$7.15$142.90$286Name: Cost Recovery MethodsDescription:A real estate professional is preparing a depreciation schedule to complete his tax
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