Cost Recovery Methods

School: Academy of Massage & Bodywork           Price: $10.00 USD

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.

Initial Basis/Cost
Acquisition Date
Residential Real Estate Asset
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.).
Clearly identify the requirement being addressed. Show all calculations within the cells of the spreadsheet. This means that you must use formulas and links so that your thought process can be examined. Make g

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Academy of Massage & Bodywork
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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