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").
What is Listed property?
Listed property refers to certain types of property that may be used for personal and business purposes. You're only allowed to claim first-year expensing and accelerated MACRS for listed property if its business use exceeds 50%.
Tax Law Specifies the Following As Listed Property:
- Passenger cars and other transportation vehicles
- Cell phones
- Computers and peripheral equipment
- Boats
- Airplanes
- Any photographic, sound, or video recording equipment that could be used for entertainment or recreational purposes.
Exceptions That Remove the Following Items From the Listed Property Category:
- The new law removes computer or peripheral equipment from the definition of listed property. This change applies to property placed in service after Dec. 31, 2017
- Photographic, phonographic, communications, or video equipment used exclusively and regularly in your business or regular business establishment.
Keep Track of Business and Personal Use:
You must be able support your business use for listed property. If business use is 50% or less you must use ADS straight-line depreciation. You claim deductions for listed property on Form 4562, Part V.
If business use in the first year exceeds 50%, then in a later year drops to 50% or less, you must recapture any first-year expensing and accelerated MACRS claimed for all years prior to the year business use dropped. Recaptured depreciation is added as other income on your tax return in the year business use dropped to 50% or less.
Do the Following in the Year Business Use Drops to 50% or less:
- Begin using ADS straight-line deprecation in the year business use drops and continue using it for the asset's the remaining recovery period or until the asset is disposed of, whichever comes first.
- Recapture any first-year expensing and excess accelerated MACRS deductions you claimed.
- Figure recapture on Form 4797.
- To find excess accelerated MACRS:
- First, figure your depreciation using ADS straight-line for the same years you claimed accelerated MACRS. This will represent the amount of depreciation you could have claimed had you used straight-line depreciation for the same years that you used accelerated depreciation and claimed first-year expensing and bonus depreciation (if any)
- Next, subtract total amount of straight-line depreciation you could have claimed (the previous step) from the total MACRS depreciation you actually claimed over the years for the property.
- The difference is the excess depreciation and is included on your tax return as other income.