Posted 3/26/2014 09:19 (#3777227 - in reply to #3777209) Subject: RE: Yea, was Wondering there...
SW Iowa
Oh MY GOODNESS! Never get to zero??@@22!~!! grawlix
US tax laws always depreciate to $0, whether it be in the year of purchase within limited $$ amount (sec 179), or the standard 7 year equal amounts...Both methods got to $0...Then should you ever sell a fully depreciated item for anything other than $0, the IRS wants capitol gain tax on that amount (presently 22% I believe).
You are allowed to trade in the $0 valued item for a brand new item and not pay any capitol gain tax on the trade in allowance....Just depreciate the difference over a 7 year life or the sec 179
We always go to $0
Depreciation
