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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Where do I enter the salvage value of depreciable assets in Pro Series
Where do I enter the salvage value of depreciable assets in Pro Series
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racdreedCPA
Level 1
03-04-2022
04:17 PM
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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?
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TaxGuyBill
Level 15
03-04-2022
04:37 PM
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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?
