The National Association of Tax Professionals

The National Association of Tax Professionals


  • Topic(s): Business
  • Presenter(s): Steve O'Rourke
  • Session#: 923-14
  • Session Length: 50 minutes
  • Program: NATP 2013 Tax Forums
  • Date: Aug 20, 2013
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Audio MP3 (download)
AudioPoint for Mobile Device - MP4 (download)
AudioPoint for Computer DVD-ROM (ship)

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Depreciation - Details:

Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the property. Most types of tangible property (except land), such as buildings, machinery, vehicles, furniture and equipment are depreciable. Likewise, certain intangible properties, such as patents, copyrights, and computer software are depreciable.
Upon completion of this session, the learner will be able to:
  • Determine if the property is depreciable.
  • Determine the depreciation method for the property.
  • Identify the class life of the asset.
  • Explain "bonus" first year depreciation.