Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
6 Things to Know About Depreciation
1. Tax Form to Use
- Use Form 4562 to claim depreciation.
2. When to Start Depreciation
- Start depreciation in the year the property is placed in service.
- The term "placed in service", for depreciation purposes, has
a specific meaning.
- Property is placed in service only if it is both available and ready for use in the same tax year.
- If property is both ready and available for use, but is not actually being used in the year it is ready and available, it is still considered placed in service you may still begin depreciating the property.
3. When to Stop Depreciation
- Stop depreciation when property is fully depreciated or,
- when you retire the property or dispose of it, whichever comes first.
4. Disposing of Property in Same Year it is Placed in Service
- If you place depreciable property in service and dispose of it in the same tax year, you cannot claim any depreciation deduction for that property.
5. Depreciable Basis
The depreciable basis of property is the dollar amount to be depreciated and includes:
- Money you paid, PLUS
- The value of property you gave up, PLUS
- Debt you incurred, for example, a car loan, PLUS
- Sales tax, PLUS
- Any other costs related to the purchase
Major improvements, such as replacing the engine in a car are separately depreciated.
Depreciation and casualty losses previously deducted reduce basis.
6. Converting Property From Personal Use to Business Use
If you convert property from personal use to business use, the depreciable basis of such property at the date of conversion is the LOWER of:
- Its adjusted basis (generally the original cost), or
- Fair market value (FMV) on the date of conversion