Research
The two research platforms we use
What are Checkpoint and BNA?
A non depreciable fixed asset
What is land?
Maximum capital loss deduction with no capital gain income
What is $3,000
A way to expense certain assets instead of having to capitalize them
What is the de minimis safe harbor election?
Category that includes passenger automobiles and other transportation vehicles
What is listed property?
Best tool provided to research and compare state tax laws
What is a state chart builder?
2022 Bonus Depreciation Percentage
What is 100%
Depreciable asset held longer than one year
What is Section 1231 Asset?
Frequency of electing the de minimis safe harbor election
Deduction for MACRS assets with a recovery period of 20 years or less
What is bonus depreciation? IRC 168(k)
Where to start research if you know nothing about a tax topic
Google (reputable secondary sources)
Depreciation system taxpayers generally must use
What is GDS?
Deferral of capital gain on the sale of real property
What is a 1031 Exchange?
The limitation imposed on safe harbor items for those WITHOUT an Applicable Financial Statement
What is $2,500?
Allows a taxpayer a full deduction for assets purchased, subject to certain limitations
What is Section 179 expense?
Helps you with reporting, but not with tax treatment questions
Who are form instructions?
Depreciation life of residential rental property
What is 27.5 Years
What is depreciable personal property
The limitation imposed on safe harbor items for those WITH an Applicable Financial Statement
What is $5,000?
Commercial property improvements made to the interior of the building
What is QIP?
Falls as the highest authority for tax law sources
What is the US Constitution?
The most common amortization code section we deal with
What is Section 197?
Ordinary income on the sale of an asset
What is depreciation recapture?
Must be in effect at the beginning of the tax year to utilize the safe harbor election
What is a written accounting procedure?
The convention used for nonresidential real property and residential rental property
What is the mid-month convention?