Asset Entry Worksheet

Asset Entry Worksheet QuickZoom to another copy of Asset Entry Worksheet . . 2014 Name(s) Shown on Return Social Security Number Activity: Asset Information • For vehicles, use the Car and Truck Expenses Worksheet 1 Description of asset 2 Date placed in service 3 Enter the total cost when asset was acquired . 4 Type of asset Example: Laser printer Example: 06/15/2014 Include land for asset type I, J or M 5 Percentage of business use 6 Enter the amount of Sec 179 expense elected . 7 Total amount of land included in the cost . . . . 8 a b c d e f g h I j k I 9 10 11 12 13 14 Range: 1.00 to 100.00 If blank, 100.00% is used. Applicable for asset type A-G, P, Q. Subject to limitation. See Tax Help. Applicable for asset type I, J or M Economic Stimulus - Qualified Property Yes No Qualified Second Generation/Cellulosic 8lofuel/Biomass Plant Property Yes ^ No Qualified Disaster Area - Qualified Property Yes ^ No Kansas Disaster Zone - Qualified Property Yes No Gulf Opportunity Zone - Qualified Property Reg Ext No In service in GO Zone Ext bldg within 90 days of bldg in-service date . . . e Yes No WA Percentage for Special Depreciation Allowance C 100% & 50% ^ 30% WA Elect OUT of Special Depreciation Allowance Yes No Elect 30% in place of 50% Special Depreciation Allowance Yes No OulekZoom to view the Election statements Special Depreciation Allowance Deduction . . . AMT Special Depreciation Allowance Ded. . . . If blank, prior depreciation from Asset Life History is used. Prior depreciation Required if asset was sold. Depreciation deduction If blank, prior depreciation from Asset Life History is used. AMT prior depreciation Required if asset was sold. AMT depreciation deduction AMT adjustment/preference See Tax Help for computation QuickZoom to Asset Life History 15 If a computer or peripheral equipment (asset type A), was asset used exclusively at your regular business establishment? El Yes I- 1 No 16 If video, photo, or phono equipment (asset type B), was asset used exclusively at your regular business establishment, or in connection with your principal trade or business 9 EI Yes I- 1 No 17 If rental appliances, carpeting, or furniture (asset type F), have you amended a prior year tax return or filed Form 3115 to change the recovery period to 5 years? D Yes I- 1 No 18 Enter the IRC section under which you amortize the cost of intangibles (asset type L) EFTA01220829 Page 2 DiSpoSitions — Complete only if you sold, abandoned, or otherwise disposed of the asset in 2014 19 Date sold, given away, or abandoned in 2014 20 Date acquired, if different from line 2 21 Asset sales price 22 Asset expense of sale 23 Property type 24 Land sales price 25 Land expense of sale 26 Section 179 deduction allowed 27 If Section 1250: a Additional depreciation after 1975 b Applicable percentage c Additional depreciation after 1969 and before 1976 28 a Double click to link sale to Form 6252 b Double click to link sale to Home Sale Wks . . . 29 Basis for gain or loss, if different from In 3. . . . 30 Basis for AMT gain or loss, if diff from In 53 . . 31 Gain or loss 32 AMT gain or loss 33 Part of Form 4797 that gain or loss carries to 34 Land gain or loss (if separate) 35 Part of Form 4797 that land gain or loss carries to (if separate) 36 Check to compute personal residence depreciation after May 6, 1997 Regular tax after 516197 . . . AMT after 516(97 Example: 12/01/2014 If converted from personal use Enter business portion only Enter business portion only Enter business portion only Enter business portion only Enter 100% of basis Enter 100% of basis Only applies if line 24 is entered O Detail Asset Information - This section is calculated for most assets from the data above. Use Find Next Error feature to check for any required entries. 37 Listed property? 38 Subject to automobile limitations? 39 Truck or van? 40 Electric Passenger Vehicle? 41 Heavy SUV' 42 Eligible Section 179 property? 43 Use IRS tables for MACRS property? . . 44 Qualified Indian reservation property? . . Regular Depreciation 45 Depreciation Type 46 Asset class 47 Depreciation Method 48 MACRS convention 49 QulckZoom to set 2014 convention 50 Recovery period 51 Year of depreciation 52 Depreciable basis Alternative Minimum Tax Depreciation 53 AMT basis, if different from line 3 54 If placed in service before 1987, is asset . . . 55 AMT depreciation method 56 AMT recovery period 57 AMT depreciable basis Yes Yes Yes Yes Yes Yes Yes Yes No See Tax Help No No No No No Applies to current year assets only No No See Tax Help for computation EFTA01220830 Page 3 MACRS Property Involved in a Like-kind Exchange or Involuntary Conversion 58 Elect OUT of regs under Sec 1.168(i)-6(i) ri Yes ri No ri N/A 59 Asset ID (Enter same ID on all related assets) 60 If this asset represents entire basis of replacement property. enter excess basis . . . . 61 If this asset represents exchanged basis of replacement property, enter: a Date placed in service of relinquished property b Date of disposition of relinquished property c MACRS convention for relinquished property d Depreciation claimed on relinquished property in year of disposition e AMT depreciation claimed on relinquished property in year of disposition State Depreciation 62 OuickZoom to select or delete states ► 63 a State (CA info must be entered in CA state return, do not enter here) b Asset status . c State cost or basis d State Section 179 deduction e State Section 179 deduction allowed (enter for dispositions only) f State Special Depreciation Allowance g State asset class h State depreciation method I State MACRS convention J State recovery period k State depreciable basis I State prior depreciation m State depreciation deduction ► n If this asset represents entire basis of replacement property. enter excess basis o If exchanged basis, enter depr on relinquished property in year of disposition p State gain/loss basis, if different from state cost q Include asset in state return LiVes Li No Arizona and Wisconsin Depreciation Information for Assets in Service Prior to 1/1/2014 a Wisconsin Section 179 deduction taken on prior year tax returns b Wisconsin prior depreciation taken on prior year tax returns c Arizona prior depreciation for assets placed in service in 2013. where 10% Special Depreciation Allowance was taken in 2014 EFTA01220831