What Information Is Needed to Determine Depreciation?
What Information Is Needed to Determine Depreciation?Answer: What Information Must I Have to Calculate Depreciation? You must identify several items to be sure your property is correctly depreciated, including: • The depreciation method used on this property (straight line, double declining balance, sum of the years’ digits, or other) • The class life of the asset (how long this asset typically can be depreciated) • Whether the property is “listed property” (computer, cell phone or other devices, which are depreciated in a special way) • Whether you want to expense any portion of the asset, instead of depreciating it • Whether you qualify for any “bonus” first year depreciation. What Do I Need To Provide My Accountant In Order to Depreciate Property? In o
