What do I enter in the Depreciable Assets section?
According to IRS Publication 946 , "Depreciation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. It is an allowance
for the wear and tear, deterioration, or obsolescence of
the property."
A depreciable asset is property you used in the production of income. Generally speaking, depreciable property must be expected to last for more than one year.
In the software, the Depreciable Assets section is where you enter information about your property, such as computers, office furniture, equipment, real estate, etc.
Do NOT enter car expenses in the depreciable asset section.
A depreciable asset is property you used in the production of income. Generally speaking, depreciable property must be expected to last for more than one year.
In the software, the Depreciable Assets section is where you enter information about your property, such as computers, office furniture, equipment, real estate, etc.
Do NOT enter car expenses in the depreciable asset section.
