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Additional Details
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Additional Details
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swati | I want to to know rate of % of depriciation on fixed assest? |
like on land & building , plant & machinery, furniture & fixture |
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bwatch
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it varies from 15% to 60% on different items for a full financial year.if you purchase a car on 1st december only 12.5% depreciation will be allowed. |
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misskenzie12
 |
I recommend you get a Publication 17 from the IRS. It contains the CLADR table which tells you the depreciation life of most assets. Then you refer to the MACRS table for the way to depreciate. I know that HR Block uses 150%DB columns if that helps you any. Basically it comes down to table lookups but depreciation is a complicated subject. Again just like the others said Land is not depreciable but the house on the land would be in some cases, like rental or home business etc.
Hope this helps. |
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plebe
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There is no simple answer to your question. Each asset has a class life and as such different term of depreciation (different rates each year). The primary method of depreciation currently used is called MACRS Modified Accelerated Cost Recovery
System. You can go to the IRS website irs.gov and find information and publications that can help or go to a professional that can help. |
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bostonianinmo
 |
See IRS Pubs 546 and 551. You'll need both to properly calculate depreciation.
Land is NEVER depreciated!
Other assets are depreciated based on the asset class and life. IRS Pub 546 goes into tortuous detail on depreciation; you WILL need it to get it right. Pub 551 discusses basis (cost) calculations and is very helpful when setting up depreciation schedules.
Using the above pubs, you'll set up depreciation records for every fixed asset and then calculate the actual depreciation on each item individually. The totals of the depreciation from the individual records will be your depreciation expense for the year. |
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bhagath
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There is no fixed rate of depreciation on any assets as fr as accounting is concerned. It depends on the accounting policy.But income tax gives some specific rates of depreciation on certain assets only for assessment purpose.
There is no depreciation on LAND whatsoever.Land never looses its value. |
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iampiyushpatel
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It differes according to kind of fixed assets. On furniture, machinery, vehicle its 15 % and on computer its 60 %. No depreciation on Land, house. |
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Trance Addict
 |
There is no fixed rate, but these are the general guidelines, Land, would not depreciate, as it appreciates over time, should get a valuation done every five or so years, buildings 15-20 years, plant and machinery, 3-5, fixtures and fitting 3-5 years, motor vehicles, 3 years, one thing we are now doing is writing off computers as a business expense at purchase, as we believe the technology is so quickly out of date. Hope this helps. |
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Sisir M
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let say that furniture is still 60 000 and hte rate is 15% on diminshing balance /.accumulated depreciatino is 24000..you've owned the furniture for 3years includintg this year...but you still need to depreciate this year
thus: (60 000 - 24 000) x 15% x 12/12 = 54 00
(cost price - acc.dep for 2years..you havent work out this years!)
therefore NEXT year if you had to do it it would look like this
(60 000 - 24 000+5400) x 15% x 12/12
see?
its easy!!
oh and loans
its the EXACT same as depreciation!!
take the value of the loan at the begiining of the year x the rate x number of mohnths you had it!
lets say ur loan is 45 000 and the rate in 15% p.a and youve had it for 10 months
thus 45 000 x 15% x 10/12 |
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