Depreciation

Regs. Govern Dispositions of Depreciable Property

The IRS issued final regulations providing rules for how to determine gain or loss when property subject to depreciation is disposed of, how to determine the asset disposed of, and how to account for partial dispositions of depreciated property.

Repair Regulations Are Finally Issued

The IRS issued long-awaited final and proposed regulations regarding the treatment of expenditures incurred in acquiring, producing, or improving tangible assets.

Depreciation and Changes in Use of Real Property

This item discusses the distinction between residential and nonresidential property, depreciation, and the application of the change-in-use regulations if a rental property changes from residential use to nonresidential or vice versa.

Is Office Artwork Depreciable Property?

Whether office artwork and decor is depreciable depends on whether the decorations are considered “valuable and treasured” art pieces or just plain tangible property used in the trade or business.

2012 Automobile Depreciation Limits

The IRS issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2012-23).

Tangible Property Costs and Repair Expenditures Regs.

The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

Regulations Issued on Repair Expenditures

The IRS issued long-awaited regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets, including rules on determining whether costs related to tangible property are deductible repairs or capital improvements.

100% Bonus Depreciation Guidance Issued

In Rev. Proc. 2011-26, the IRS has issued guidance on how taxpayers can deduct 100% of the cost of qualified business property placed in service in 2011 under rules enacted last year .

IRS Releases 2011 Automobile Depreciation Limits

The IRS has issued the 2011 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles. This year, the IRS has provided the limitation amounts for vehicles placed in service in 2011 for which bonus depreciation applies and for those to which it does not apply.

Newsletter Articles

PRACTICE MANAGEMENT

Tax software survey

Our annual survey offers a look at how CPAs judged their tax preparation software in a wide range of types of practices.

NEWS

Congress enacts tax reform

Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses. All changes were effective Jan. 1, 2018, except as noted.