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During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:
During 2017, Palo Fiero purchases the following property for use in his calendar year-end manufacturing business:
ItemDate AcquiredCost
Manufacturing equipment (7 year)June 2$38,000
Office furnitureSeptember 155,400
Office computerNovember 183,800
Passenger automobile
(used 90 percent for business)
May 3135,600
WarehouseApril 23
Building170,000
Land135,00
Palo uses the accelerated depreciation method under MACRS, if available, and does not make the election to expense or take a bonus depreciation.
Use Form 4562 to report Palo's depreciation expense for 2017.
I have calculated all the depreciation deductions for the rest of the properties except the passenger automobile. I do know that I need to calculate the basis for the deprecation first. I multiplied the cost which 35,600 by the business use percentage which is 90%. I have 32,040 as the basis for deprecation.I can't figure out the depreciation deduction on line 26 column h of Form 4562.
Any help is greatly appreciated.
