QuickBooks Online won't automatically depreciate fixed assets. You'll need to manually track them. I've added some articles on how to set them up in QuickBooks Online: Set up an asset account in QuickBooks Online Depreciate assets in QuickBooks Online Also, you'll want to use...
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For tax depreciation, useful lives are based on the type of asset. Your accountant can help you determine the useful life of a specific asset. Minus the salvage value: This is what the asset will be worth at the end of its useful life. Salvage value is usually an estimate. You can ...
Solved: I have a real estate business set up in Quickbooks online and am depreciating two rental properties using monthly journal entries that credit the asset
How much depreciation is recaptured and treated as ordinary income depends on whether the property you sell is “Section 1245 property” or “Section 1250 property.” The names come from the tax code sections that establish the recapture rules for each type of property. The taxation...
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