What is Depreciable Property?
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Last modified 11/6/2020 8:24:46 AM EST |
Added by ExpressTaxExempt Team
Depreciable property is generally an asset or a property eligible for depreciation treatment under the Internal Revenue Service (IRS). Typical examples for a depreciable property are vehicles, real estate, office equipment, machinery, etc.
Suppose an asset was sold and not included in Part IV (Capital Gains and Losses for Tax on Investment Income). In that case, you must attach a schedule with the following information:
- Date and manner of acquisition
- Gross sales price
- Cost, another basis, or value at the time of acquisition (if donated) and which of these methods was used
- The Date on which the asset was sold and to whom it was sold
- The expense of sale and cost of improvements made after acquisition and
- Depreciation since acquisition (if depreciable property)