A real estate professional is preparing a depreciation schedule to complete his tax return. He owns a residential property that he rents. The list of depreciable assets is shown below.

Requirements:
Analyze the information above. Modify the attached spreadsheet to address each of the numbered requirements. In the appropriate areas:
List the Asset Class.
Calculate the depreciation amount for the current tax year and list the table used.
Cite the information source from which you answered #1 and #2 (IRS publication, textbook, website, etc.).
Clearly identify the requirement being addressed. Show all calculations within the cells of the spreadsheet.

Transcribed Image Text:

Initial Acquisition Basis/Cost Asset Date $125,000 Residential Real Estate 2/1/2000 Asset S5,000 Furniture 1/15/2013 $200 Refrigerator 6/15/2012 $50 Microwave 7/1/2013 $1,000 Carpet 8/2/2010 S2,000 Fences 2/1/2000