Comments for Depreciation Guru

Comment on Bonus Depreciation by Sharon Wang

Sharon Wang — Mon, 29 Mar 2010 22:12:18 +0000

Our company recently purchased a company in another State with some three or four-year old fixed assets. It’s an asset acquisition deal and we started to depreciate these fixed assets in Oracle on basis of net book value on date of acquisition. Their date-in-service was accordingly entered as date of acquisition. My question is do these assets qualify to receive bonus depreciation?

Comment on IRS Form 4562: Information and Instructions by Jack

Jack — Sat, 27 Mar 2010 20:03:03 +0000

If I put new appliances in a rental property in 2009, do I need to file form 4562, or is that form just for property or property improvments as opposed to
equipment such as appliances, etc.
Thank you.

Comment on Questions by linda

linda — Sat, 13 Feb 2010 17:05:22 +0000

I know on form 4797 section III is the place when you sell your business equipment (year 2000 semi truck) line 19 thru 24 then this is where I am not sure dont I carry the amount down to line 30? then where on the first page do I fill out? this is very confusing

Comment on Form 4797: How and when to fill it out by linda

linda — Sat, 13 Feb 2010 14:36:04 +0000

we retired in 2009-(over the road trucker) we sold our 10 year old truck–am I understanding it right that I fill out section III of form 4797–line 19 thru 24 and then bring the amount down to line 30–then where on first page do I go–I do our own taxes and this form is very confusing. any help would be very appreciated

Comment on IFRS & Fixed Asset Depreciation: An Overview of the Requirements by Mir Fazlee Ali

Mir Fazlee Ali — Wed, 03 Feb 2010 12:51:28 +0000

Can you blog me the IFRS requirement with regards to fixed assets and reasoning for IFRS for the same.

What will be the needs for the organization to be IFRS compliant and benefit that the organization get by being IFRS Compliant regarding Fixed Assets

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.