Which Form 4797 Tangible 2022-2023

Instructions and Help about Which Form 4797 Tangible

Welcome my name is Marci Hampton and I'm a faculty member at the UCF Dixon school of accounting in this short lecture I am going to talk about makers depreciation this video is video two of a three set video in this video we will talk about makers depreciation for tangible personal property in doing makers for tangible personal property the first thing that we want to look at is what are the preset classes that we have preset classes we have four tangible personal property are 3 5 7 10 15 and 20 year property the preset class is determined by the type of property that we're talking about for example vehicles our five-year property furniture and fixtures our seven-year property the next thing we look at is what method is used the method that's used to calculate makers for tangible personal property is declining balance it is mostly double or 200% declining balance but it is a hundred and fifty percent declining balance for 15 and 20-year property the conventions that we use so that we'll have tables that everybody can use that will enable us to calculate our partial year for the first year and the final year in this case we have two possible conventions to handle the partial year for the first and the final year the first convention is the half year convention in the half year convention regardless of when during the year that you actually place the asset and service we're gonna treat it as if it was placed in service halfway through the year that way we get half a year's depreciation in the first year and a half year depreciation in the final year this way we can build it into the tables and enables us to use the tables...