How to Depreciate Assets for Tax Purposes - MACRS Depreciation - Part 1 of 2

In this video, Alexander Efros, MBA, EA, CPA, CFP® from Efros Financial explains the process of calculating depreciation for income tax purposes (Part 1 of 2).

[ariah]

Thank God for having awesome YouTube channels such as this one to walk me through accounting topics lol

[justinknash]

Thanks for this video and explanation. Self employed business owner, god I hate the IRS. It's almost as if they make the rules and laws opaque and complicated so they can audit more people (rolling eyes).

[antony]

Great! You are much better and more clear than others out there

[kendraandindy]

Did a literal awesome job. New sub! Can't wait to see what else you tackle :D

[julioalvarez]

Thank you man. Super useful and clear.

[stormmatthews]

Hello Alex. I'm trying to find info on how to calculate depreciation using 200DB on years 2-5 of an asset after 50% bonus depreciation was elected on year 1? The asset, let's say $50k was put in place in 2/2017, so bonus depreciation at that time was 50% = $25k. Can I apply 200DB method on the remaining $25k depreciable basis? If yes, will I use 4 years as the life, to get my percentage of depreciation for years 2-5 or do I still use 5 year life?

[brunohussein]

Hello from Brazil, Alex. Your language is simple what turn your videos easier to understand, even to me, a brazilian who is starting speaks English. Congratulations.
Have you ever think about make videos to Brazilian people (accountants, company directors, students, professors) a shall knowledge basic about accounting and taxation). There is a big market here.
Subscribed

[jenniferf]

Thanks for the video! Can you use MACRS depreciation on books?

[JDEANNIA]

Thanks! I need that Excel spreadsheet lol

[haoyuan]

Thank you. could you tell me how do you record macrs when purchasing equipment in September?

[ThePositiveEnergyPodcast]

Thanks for this. I think it would help to do a video on Solar MACRS or the 100% Bonus Depreciation for Solar. Would love to see that.

[sergiopolanco]

Hi
I decided to go with another tax preparer who needs a depreciation schedule for a rental to be able to file my taxes
The problem is the my old tax preparer won’t provide me with a copy
Any help on what to do
Thanks

[jblblack]

hi
Do you use Newton's indicator?
\

[judasarioch]

I meant what is the best path to become an EA if you have no accounting background?

[judasarioch]

what is the best path become an EA if you have account background?

[raquelgarcia]

Hi Can I depreciate a vehicle that is under finanical just paid off half of the cost on 2021?

[CRAIGNV]

Hi, I'm inheriting a rental house, at 68 years old can I do a shorter depreciation than 27 1/2 years, I'll be gone by then.

[daliaalbassam]

Did anyone else think this was Jon Snow from GOT at first glance?

[jairoroductionstudio]

College student here trying do understand depreciation teacher referred me to this video and let me just tell you. I am even more confused after this video truly terrible. Went more into detail then explaining the actual main ideas.