Instructions

Determine the original price of the property or asset. This price is not the current market value of the asset, it’s the original purchase price. If the property is inherited, its original price is considered the appraised value at the time of inheritance.

List all applicable depreciation associated with the property. The rate of depreciation is determined by the IRS, and varies for different assets. Over one year, a $30,000 piece of farm equipment may be claimed to depreciate $3,000, but the amount of depreciation for a $30,000 house over the same time period may be $4,000.

Tips & Warnings

References

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