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R
racdreedCPA
Level 1
March 4, 2022
Question

Where do I enter the salvage value of depreciable assets in Pro Series

  • March 4, 2022
  • 2 replies
  • 5 views

Should the salvage value be deducted from the cost since there is not a separate entry line for it?

Or, is there a separate entry line?  If so, where is it?

This topic has been closed for replies.

2 replies

sjrcpa
sjrcpa
Level 15
March 4, 2022

For tax purposes, salvage value has not been used since, I think, The Tax Reform Act of 1986.

The more I know the more I don’t know.
    T
    TaxGuyBill
    March 4, 2022

    First question:  Why is there salvage value?

    Almost all depreciation is required to use MACRS, which has no salvage value.  There are a few things that get pushed out of MACRS, but not much. 

    If it is NOT part of MACRS (and therefore may have a salvage value), what is the reason it is not part of MACRS?

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