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Depreciation Worksheet


The following information is necessary for EACH depreciable item used in a trade or business or income-producing activity:

Taxpayer Name:

Business Entity Name, Address, City/State/Zip; Tax ID Number:

Tax Form/Tax Schedule:

Information for EACH depreciable item:

1-Description including year/make/model

2-How Acquired: Purchased; Gift; Inherited; Converted From Personal Use

3-Date Placed In Service (ready and available for intended use)

4-Business Use Percentage

5-Initial Depreciation Basis: (depends on how the item was acquired) below

Purchased: Total Purchase Price

Gift: Donor's Adjusted Basis on date of gift

Inherited: Fair Market Value on date of decedent's death

Converted From Personal Use: Lower of (a) adjusted basis or (b) fair market value on date of conversion

NOTE: If additional costs were incurred from the date acquired to the date placed in service to get the item ready and available for service, these need to be added into the initial depreciation basis.

CALL 561-746-1926 or 561-339-8102 NOW if you have any questios or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation