Comments for Depreciation Guru

Comment on Questions by Tim Coley

Tim Coley — Thu, 17 Dec 2009 20:28:59 +0000

What is the journal entry to record the 50% bonus depreciation on an asset that cost $1,000,000? Does it affect the accumulated depreciation balance?

Comment on Monthly Depreciation Expense Journal Entries by Fixed Asset Software

Fixed Asset Software — Thu, 29 Oct 2009 21:29:17 +0000

Fixed asset software is useful in tracking a fixed asset inventory. With features such as checking in and out assets, moving assets between locations, and uploading inventory database to a handheld scanner for inventory verification, fixed asset software streamlines the inventory process.

Comment on Fixed Asset Depreciation Detail Report (Net Book Value Report) by Fixed Asset Software

Fixed Asset Software — Fri, 09 Oct 2009 19:09:07 +0000

It is important for organizations to track fixed assets and to accurately calculate depreciation. The greater the depreciation expense, the less property taxes an organization is responsible for paying.

Comment on How to Use Property Class Life Tables by Tony C.

Tony C. — Mon, 10 Aug 2009 12:23:53 +0000

So if I move to a dedicated fixed asset product from a spreadsheet will I have to train my data entry team all these rules? How will I be confident that assets are being accurately coded?

Comment on The History of Depreciation Through 1986 by JKoshar

JKoshar — Wed, 15 Jul 2009 17:30:25 +0000

Hi Konstantin,

Thank you for your feedback. We will gladly post more information of this sort in the future. Also, if there is anything in particular that you would like us to discuss, please let us know and we would be happy to do so.

Comment on The History of Depreciation Through 1986 by KonstantinMiller

KonstantinMiller — Tue, 07 Jul 2009 01:09:00 +0000

I have been looking looking around for this kind of information. Will you post some more in future? I’ll be grateful if you will.

Comment on Determine Eligible Property for Depreciation by dGuru

dGuru — Fri, 26 Jun 2009 13:13:54 +0000

Tony,

There is not a minimum value. You can depreciate the stapler, but not the staples since these are considered consumable.

Comment on Determine Eligible Property for Depreciation by dGuru

dGuru — Fri, 26 Jun 2009 13:00:46 +0000

Bill,

Here are the general classifications for “Common Business Assets”

00.11 Office Furniture & Equipment
00.12 Computers & Related Equip
00.13 Office Machines
00.21 Airplane (airframe & engines)
00.22 Autos & Taxis
00.23 Buses
00.241 Light General Purpose Truck (<13k lbs)
00.242 Heavy General Purpose Truck (>13k lbs)
00.25 Railroad Car & Locomotives, except owned by a Railroad
00.26 Tractor Unit (tractor-trailer)
00.27 Trailer & Trailer Mounted Container
00.28 Vessels, Barges & Tugs
00.3 Land Improvements (1245 or 1250 Property)
00.4 Industrial Steam & Electric Generation & Distribution
B.1 Residential Rental Property
B.2 Nonresidential Real Property, pre 5/13/93
B.3 Nonresidential Real Property, post 5/12/93
B.4 Computer Software
B.5 Trees or Vines Bearing Fruit or Nuts
B.6 Qualified Leasehold / Restaurant Leasehold Property
B.7 New York Liberty Zone Leasehold Improvement Property

In addition, there are many more “Industry Specific” classifications. For a detailed listing, please refer to IRS Pub 946:

http://www.irs.gov/pub/irs-pdf/p946.pdf

Comment on Determine Eligible Property for Depreciation by Tony C.

Tony C. — Wed, 24 Jun 2009 19:58:10 +0000

Is there a minimum value for an asset in order to qualify for depreciation or is that up to the organization? Can a stapler be depreciated? What about the dozen boxes of staples I bought from Staples.com?

Comment on Determine Eligible Property for Depreciation by Bill Tocket

Bill Tocket — Wed, 24 Jun 2009 19:52:12 +0000

Is there a booklet or one page “cheat sheet” where I can see categories of what qualifies for depreciation?