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Depreciation- Understanding the Basics

Depreciation is a tax deduction that allows the taxpayer a way to recover the cost (or other basis) of certain types of property. The deduction allowance is calculated annually for the wear and tear, deterioration or obsolescence

Business Use of Your Home - What expenses can be deducted?

, and general home repairs. Since these are expenses you would pay for the entire home, these are considered indirect expenses. When figuring your deduction, you need to first determine whether the expenses in question are direct or indirect

Rents and Royalties Schedule E % of Ownership and Depreciation

. They will depreciate that property using MACRS 27.5 years depreciation for the time they own the property. Depreciation is the annual deduction you must take to recover the cost or other basis of business or investment property having a useful life

When do I qualify to take a deduction for the business use of my home?

If you use your home for work-related issues, you may be able to claim a deduction for the business use of your home. To qualify to claim expenses for the business use of your home, you must use part of your home for one of the following

Business Use of Home (Overview)

for business use of your home include the business portion of real estate taxes, deductible mortgage interest, rent, casualty losses, utilities, insurance, depreciation, maintenance and repairs. You may not deduct expenses for lawn care

Enter the Fixed Date Conformity adjustment for Special Depreciation (subtraction)

If depreciation was included in the computation of your Federal Adjusted Gross Income and one or more of the depreciable assets received the special 30% or 50% bonus depreciation deduction for federal purposed in any year from 2001 through

Enter the difference in special depreciation to add to Virginia taxable income due to Fixed Date Conformity

, if you depreciated an asset that you purchased during the tax year for your Schedule C business and opted to use the special 50% depreciation method, the deduction is greater than what is currently allowed in Virginia. You must refigure

How do I add a miscellaneous deduction that is not in TaxSlayer's list?

services as an employee * Clerical help and office rent in caring for investments. * Depreciation on home computers used for investments. * Excess deductions (including administrative expenses) allowed a beneficiary on termination of an estate

What is Special Depreciation

Special depreciation is an extra allowance that you can take the first year a property depreciated under the MACRS method is placed in service. This additional allowance is automatically calculated unless you check the opt-out of special

Indiana Renter's Deduction

your true, fixed, permanent, home and where you intend to return after being absent. If you rented a manufactured home or paid rent for your manufactured home, you may claim the renter's deduction if the above requirements are met. Rent