Depreciation Spreadsheet allows you to track and record your assets and calculate the depreciation deduction for each one of their recovery periods. The spreadsheet includes the following tabs:
Assets
Depreciation Sheet for 5-year recovery period type of assets except passenger automobiles
Depreciation Sheet for 7-year recovery period type of assets
Depreciation Sheet for cars used for both business and personal purposes
Depreciation Sheet for cars used for business only
Depreciation sheet for residential rental property
Depreciation Sheet for nonresidential real property
Depreciation Summary Sheet to record depreciation calculated on single tabs
Note for a basic description of how to use the depreciation spreadsheet.
What is included?
The download includes 2 Excel spreadsheets:
Depreciation Spreadsheet
Depreciation Spreadsheet-Example
To depreciate an asset you use in your business, you would need Appendix A and B from IRS Publication 946 How to Depreciate Property to locate the recovery period of your asset and the depreciate rate to use to calculate the depreciation deduction to claim on the asset every year.
The depreciation spreadsheet allows to record your asset and information you retrieve from IRS Publication 946 and calculate your asset depreciation.
If you placed an asset in service for the first time and are not sure how to depreciate it for tax purposes, we have many videos in the playlist to explain the process.
Playlist: 2020 Form 4562 Depreciation and Amortization:
https://youtube.com/playlist?list=PLaot4wvPcjCWHy6ilkc-YVUX6O18Rn7EH
Link to IRS Publication 946 How to Depreciate Property:
https://ninasoap.com/free-downloads/
Click on Federal Forms and Instructions. Search “Publication 946 How to Depreciate Property”.
You could also search on www.irs.gov for Publication 946
The depreciation Spreadsheet comes with Depreciation Spreadsheet Example where many assets are being depreciated as examples.
IRS allows you to claim depreciation deduction on depreciable assets you use in your business.
Get your Depreciation Spreadsheet to depreciate your assets and claim the right deduction on your business taxes.
