Question

Test. Tax Analyst Certification Test (2019) Schedule E Question 36 of 75 Duane paid $550 for a new washing machine he placed in service in his rental house in May 2017 He did not take the special depreciation allowance and is depreciating the machine using regular MACRS and the half-year convention Duane sold the mental house with the washing machine in March 2018 How much will he deduct for depreciation on the m achine 2017 50 555 5178 Mark for follow up Question 37 of 75. on h is the depreciation deduction calculated for real rental property deprecated using the oth convention The depresionin the year of position will be the same as the depreciation in

Answer 1

Answer) Option B 55

Section 179 Deduction • Special Depreciation Allowance

5-year property. This class includes computers and peripheral equipment, office machinery (typewriters, calculators, copiers, etc.), automobiles, and light trucks. This class also includes appliances, carpeting, and furniture used in a residential rental real estate activity.Depreciation is limited on automobiles and other property used for transportation and property of a type generally used for entertainment, recreation

Half Year convention - The half-year convention is used to calculate depreciation for tax purposes, and states that a fixed asset is assumed to have been in service for one-half of its first year, irrespective of the actual purchase date. The remaining half-year of depreciation is deducted from earnings in the final year of depreciation.