Depreciation Archives - John R. Dundon II, Enrolled Agent

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Depreciation

27 Mar 2017 Vehicle Depreciation Limitations IRS Rev Proc 2017-29

Posted at 00:00h in Depreciation

According to IRS Rev Proc 2017-29 (assuming IRC 168(k) applies) 1st year magic numbers are: $11,160 for passenger autos $11,560 for Trucks and Vans The rev proc also details lease inclusion amounts. Be sure to understand whether additional first year depreciation deductions apply under Internal Revenue Code Section 168(k) We...

excess depreciation real estate - single family home sunny day

02 Jan Excess Depreciation Claimed – Now What?

Posted at 00:00h in Depreciation, Rental Real Estate

Excess Depreciation Claimed - Now What? Justin Fundalinski of Jim Saulnier & Associates, who I met while volunteering time for the betterment of the Financial Planning Association, asked me a procedural question about a fascinating situation he encountered regarding depreciation and disposition of residential rental real...

16 Oct 2015 Listed Property Limits for Autos, Trucks & Vans

Posted at 00:00h in Asset Classification, Auto, Business Expense, Car expense, Depreciation, Passenger Vehicle

Tax practitioners often times tend to judge each other by the quality of our client's respective asset lists and depreciation schedules. Truth is MANY practitioners get listed property limits WRONG because they simply do not understand the limits. Hence this post to help us all...

19 Jan Final Tangible Property Regulations Necessitate that Many Businesses Apply for Change Of Accounting Method: IRS Form 3115; Rev Procs 2015-13 & 2015-14

Posted at 00:00h in Accounting Method, Asset Classification, Basis, Business Expense, Capital Gain, Capital Loss, Cost Basis, Cost Segregation, Deductible Expense, Depreciation, Tax Guidance & Preparation

Back in June 2014 I blogged about the new IRS Regulations governing tangible personal property. These regulations prompted a vigorous debate over the last 7 months between the most astute students of the US Tax Code as to what constitutes the need to file IRS...

28 Dec 2014 Depreciation Limits on Luxury Autos: IRS Rev Proc 2014-21

Posted at 00:00h in Amortization, Depreciation, Self Employ, Small Business, Tax Deductible Expenses, Tax Guidance & Preparation

According to 26 U.S. Code § 280F - Limitation on depreciation for luxury automobiles the first year's depreciation expense for a newly procured vehicle should be prorated over the tax year based on the in service date not to exceed the limitations spelled out in IRS...

07 Oct How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)]

Posted at 00:00h in 1031 Exchange, Basis, Capital Gain, Capital Loss, Depreciation, Passive Activity, Rental Real Estate, Tax Guidance & Preparation

How to Calculate Basis of a Primary Residence Converted to Rental Property [Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)] can be a nuanced and complicated question to answer as it depends on a handful of specific facts and circumstances. Many people have built impressive residential real estate portfolios...

26 Jun A Brief Introspection of Repair vs. Improvement: IRS Revenue Procedures 2014-16 and 2014-17

Posted at 00:00h in 1031 Exchange, Business Expense, Depreciation, Rental Real Estate, Sole Proprietor, Tax Abuse, Tax Guidance & Preparation, Tax Problems & Requests

That's right Y'all this is another one of those quite game changers for owners of tangible property concerned about keeping the IRS at bay by actually adhering to the specific US Tax Code and subsequent IRS Revenue Procedures. My apologies for being so brazen but I more...

29 May Tangible Assets Used In Converting Corn To Fuel Grade Ethanol Are Properly Included In Asset Class 49.5

Posted at 00:00h in Asset Classification, Depreciation, Husband/Wife, Tax Guidance & Preparation, Tax Problems & Requests, Uncertain Tax Position

A certain important person in my reality - my wife - is becoming increasingly interested in the business end of biomass refineries. You go girl. Funny but this interest also happens to correlate with a new file I am developing involving a farmer who owns...

27 Dec 2014 Tax Fears & Advice

Posted at 00:00h in Capital Gain, Capital Loss, Child Tax, Children, Depreciation, Education Expense, Health Care Tax Credit, IRS Audit, IRS Collections, IRS Enforcement, IRS Examination, IRS Mediation, IRS Penalties, Marriage, Paying Taxes, Social Security, Social Security Tax, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests, Tax Relief, Taxpayer Advocate, Uncertain Tax Position

With my family snugly content midst a long holiday season I felt compelled to pen some thoughts regarding the ubiquitous US Tax Code and all its myriad of seemingly scary changes looming around the proverbial corner. This post lists 10 tax matters to be aware...

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

27 Feb How to calculate stock and loan basis in an S Corp for tax purposes

Posted at 00:00h in Basis, Corporation, Cost Basis, Depreciation, Self Employ, Small Business, Sole Proprietor, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

How to calculate stock and loan basis in an S Corp for tax purposes? Or as my hippie friends call it, "The secret of the Golden Flower." Seemingly elusive and yet oh so real. If you are a shareholder of an S corporation you are responsible for keeping...