The Modified Accelerated Cost Recovery System (MACRS) is the current methodology in the U.S. tax system for recovery of capitalized costs of depreciable tangible property other than natural resources. Under this system, the capitalized cost (basis) is recovered over a specified life by annual deductions for depreciation. The lives are specified broadly in the Internal Revenue Code, and detailed tables of lives by classes of assets are published by the Internal Revenue Service (IRS). The deduction for depreciation is computed under one of two methods (declining balance switching to straight line or straight line) at the election of the taxpayer, with limitations.
This app calculates MACRs depreciation.
Input:
One depreciation method can be chosen from GDS and ADS system can be selected.
Starting month between 1 thru 12 need to be specified. If nothing is specified, January is considered as starting month. If a number greater than 12 is supplied, December is considered as the starting month.
Property class can be selected from picker.
Asset life is calculated based on the depreciation system and property class.
Depreciation Schedule:
Yearly beginning book value, depreciation expense, depreciation rate, accumulated depreciation, depreciation rate and ending book value are presented for the life of the asset.
This app covers 27.5 year residential rental property and 39 year non-residential real estate.
Cumulative Accumulated Depreciation (AD) and remaining Book Value (BV) Chart is displayed.
Print & E-Mail:
1. Print depreciation schedule
2. E-Mail depreciation schedule as a formatted pdf attachment