{"product_id":"depreciation-1","title":"Depreciation","description":"\u003cp\u003eDepreciation is an annual deduction that allows taxpayers to recover the cost or other basis of their business or investment property over a specified number of years. Depreciation is an allowance for the wear and tear, decline, or uselessness of a property, and begins when a taxpayer places property in service for use in a trade or business. The property ceases to be depreciable when the taxpayer has fully recovered the property's cost or other basis, or when the property has been retired from service, whichever comes first. Depreciation is reported on Form 4562.\u003c\/p\u003e\n\u003cp\u003eWhile depreciation and basis can seem overwhelming to the beginner tax professional, with an understanding of the basics, depreciation and basis are not difficult to determine.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eObjectives\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eAfter completing this lesson, you will be able to:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eDetermine whether property qualifies as depreciable under federal tax law based on use, ownership, and useful life\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eCalculate the correct depreciable basis of property, including required adjustments for improvements, rebates, and prior depreciation\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eSelect and apply the appropriate MACRS recovery period, depreciation method, and convention for different types of property\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eCompute allowable depreciation deductions for business and rental assets placed in service or disposed of during the tax year\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eDistinguish between GDS and ADS depreciation and apply ADS when required or elected\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eEvaluate eligibility for Section 179 expensing and special depreciation allowances, and calculate their impact on taxable income\u003cbr\u003e\u003cbr\u003e\n\u003c\/li\u003e\n\u003cli\u003eReport depreciation accurately on Form 4562 and trace the deduction to the correct federal schedules\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003eField of Study: Federal Tax Law — 1 Hour\u003cbr\u003eCourse Level: Intermediate\u003cbr\u003e\u003cspan style=\"font-family: -apple-system, BlinkMacSystemFont, 'San Francisco', 'Segoe UI', Roboto, 'Helvetica Neue', sans-serif; font-size: 0.875rem;\"\u003ePrerequisite: General tax preparation knowledge is required\u003cbr\u003e\u003c\/span\u003e\u003cspan style=\"font-family: -apple-system, BlinkMacSystemFont, 'San Francisco', 'Segoe UI', Roboto, 'Helvetica Neue', sans-serif; font-size: 0.875rem;\"\u003eDelivery Method: Self-Study\u003cbr\u003e\u003c\/span\u003e\u003cmeta charset=\"utf-8\"\u003e\u003cspan\u003eExpiration Date to earn CEs: July 30, 2027.\u003cbr\u003e\u003cbr\u003e\u003cmeta charset=\"utf-8\"\u003e \u003cem\u003e\u003cspan style=\"color: rgb(255, 42, 0);\"\u003e\u003cstrong\u003e* This course does not qualify for California CTEC continuing education credit. It counts for federal (IRS) CE only and will be reported to your PTIN account.\u003c\/strong\u003e\u003c\/span\u003e\u003c\/em\u003e\u003c\/span\u003e\u003cbr\u003e\u003c\/p\u003e","brand":"Latino Tax Pro","offers":[{"title":"Default Title","offer_id":51642276544818,"sku":null,"price":21.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0044\/4284\/9366\/files\/Depreciation_32ea1235-13e5-4914-99a2-16a377fa2031.png?v=1787614769","url":"https:\/\/latinotaxpro.com\/products\/depreciation-1","provider":"Latino Tax Pro","version":"1.0","type":"link"}