Question
On Sept 14, 2017, Allison purchased the building where her store is located. She paid 230,000 for the building and 100,000 for the land. Allisons
On Sept 14, 2017, Allison purchased the building where her store is located. She paid 230,000 for the building and 100,000 for the land. Allisons store is the only business in the building.
you are completing form 4562 Depreciation and Amortization because she purchased the building and she would like to expense the depreciation for the building. The building doesn't qualify for section 179 or bonus depreciation, so you only need to complete Part III. The only lines you will have information on is line 19
I need help filling out this section of the 4562 form
Section BAssets Placed in Service During 2017 Tax Year Using the General Depreciation System (a) Classification of property | (b) Month and year placed in service | (c) Basis for depreciation (business/investment use onlysee instructions) | (d) Recovery period | (e) Convention | (f) Method | (g) Depreciation deduction | |
19a 3 year property |
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b 5 year property |
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c 7 year property |
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d 10 year poperty |
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e 15 year property |
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f 20 year property |
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g 25 year property |
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h resedential rental property |
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i non residential real property |
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