You have a talent to explain in a way for non-finance people to understand. thank you!
@SarahSuarez-pj4lk6 ай бұрын
You did an amazing job explaining it in such detail. Thank you!!
@gabrielnestrada66404 жыл бұрын
Thank you so much, I've been struggling so much to learn this MACRS Depreciation. After watching your video I feel much better, the way you broke it down it was so simple and amazing. I want to become a CPA, I went last semester to college but I haven't been able to submit my last two assignments, because I couldn't understand. I hope I will complete them today. Thank's a big bunch!
@EfrosFinancial4 жыл бұрын
You're very welcome!
@gracyellenm Жыл бұрын
Awesome video! Thank you. I couldn't understand this in my tax class you made so much easier.
@EfrosFinancial Жыл бұрын
Glad it helped!
@moriahvincent1588 Жыл бұрын
God bless you for teaching this to us! We are so grateful!!!
@ashleighjoy20073 жыл бұрын
This is so incredibly helpful! I'm taking a business taxation class and its literally just read the chapter, use the publication, and submit answers to questions. No lectures, no practice, nothing. I feel like I'm trying to learn physics in a foreign language when I read the book. This is such a good breakdown and makes so more sense.
@jimblanchard44042 жыл бұрын
Thanks so much! Your spreadsheet and calcs have made MACRS depreciation easy for someone who DOES NOT like tax accounting!
@dancingcpa14 жыл бұрын
Thank you, I am a CPA and you broke this down wonderfully. Keep up the good work.
@EfrosFinancial4 жыл бұрын
Thank you for watching and for the feedback, Robert! :D
@arandenaherbalist6 ай бұрын
You're a lifesaver, thank you so much!
@SabrinaB4123 жыл бұрын
I found this to be quite refreshing! I was having a difficult time understanding this chapter in my tax class. Thank you for explaining it in this manner. I suffered through the ads in hopes that I could return the favor.
@EfrosFinancial3 жыл бұрын
Hello Sabrina -- thank you for watching (including the ads) and for your kind words! I hope that the information was helpful! :D
@FortressFineWoodworks Жыл бұрын
This helped me tremendously thank you
@EfrosFinancial Жыл бұрын
Thank you, you're welcome! :D
@julioalvarez3788 Жыл бұрын
Well done. Very clearly explained. Thanks for that.
@EfrosFinancial Жыл бұрын
Glad it was helpful!
@coopergraham7076 Жыл бұрын
Incredibly helpful!! Thanks so much!
@EfrosFinancial Жыл бұрын
Thank you -- you're welcome! :D
@kangkangogoi90732 жыл бұрын
Absolutely awesome video!! Both the videos are super simple and easy to understand. The revelation of the example from the publication has really the nail the video to the top of my playlist. Like to see some more video like sale of fixed assets. thanks you so much..
@skellercoviello2 жыл бұрын
Great explanation!!!
@florchip44674 жыл бұрын
Thank you for these videos. I've had difficulty understanding this topic. I finally got it :)
@EfrosFinancial4 жыл бұрын
Thank you for your feedback -- glad it was helpful!
@Etrendtreaures4 жыл бұрын
You are great!, thank you!, I will follow you, very clear and easy to understand!
@EfrosFinancial4 жыл бұрын
Thank you for watching and for your feedback, Jennifer! :D
@MaskedMarble6 ай бұрын
Thx, but why did you not cover section 179? Sooooo much simpler for us content creators.
@nesterpilgrim2 жыл бұрын
Great video!
@rickbolner89092 жыл бұрын
Alex, Good job. Thanx.
@9856CB4 жыл бұрын
Thank you for this video. I just purchased half of a duplex for our son to live in (cheaper than renting) and have started the process of learning how to record rental income / expenses. Do you have any Excel examples of Rental Depreciation using MACRS? If not, I'll try and program one using the 946 Publication...............Great teaching voice and manner
@thecramptons3 жыл бұрын
Great video
@seanpetersen80442 жыл бұрын
If I have a mid-quarter convention in year 1 on an item, what convention do I have in year 2, for the same asset?
@MyTbop3 жыл бұрын
Greeting, this was an amazing explanation and will help with what the file on business taxes. My question is can you share the formulas so that I can take what I've learned and make a spreadsheet similar to yours.
@CreativeMining4138 ай бұрын
Do you have to manually create a depreciation calculation table for every asset you want to depreciate? Reason I ask is because I have over 30+ assets approximately that will have to be depreciated so you can see how long it would take to manually do it for all of them.
@woodforever1 Жыл бұрын
Great video. Can you do a video for rental? Pls & TY
@sankalpgupta61403 жыл бұрын
Under SL method, if we're taking 100 as Dep in the 1st year, why will our beginning basis of year 2 be 800? Shouldn't it be 1000 - 100 = 900? And apparently, SL Dep for year 2 will be 900*(1/4.5) = 200
@Kkshama213 жыл бұрын
Great video. Q - if its a 5 year recovery period, why does the depreciation go to 6 years in the depreciation table?
@dorothy44163 жыл бұрын
The 1st year you are only getting the last six months to depreciate. Remember, you are using the HY convention, which means that the IRS always considers the assets placed on July 1st (July - Dec is 6months.) You get the other six months on the back side which would carry into the 6th year. To make it a full 5 years - * year 1 is 1/2 year, year 2 is a full year, year 3 is a full year, year four is a full year, year 5 is a full year - this adds up to 4.5 years. This means you still have to add 6 more months which will carry you through year 6.
@arnabdutta70234 жыл бұрын
Thank you so much for explaining in detail.Just one thing though why didn't we take 150DB instead of 200DB.It's not optional, is it? Also could you please put out some videos specific to 1120 1065 return, specially Form 4797? Thanks again for your videos.
@tonydouglas863 Жыл бұрын
Hi Alexander. Do you do personal taxes ?
@EfrosFinancial Жыл бұрын
Yes, we do help clients with personal taxes. Please feel free to schedule a free 15-minute phone consultation here: calendly.com/efrosfinancial/free-15-minute-phone-consultation?month=2023-10. You may learn more about our bookkeeping/tax services here: www.efrosfinancial.com/bookkeeping2/.
@drakwer254 жыл бұрын
yep, very awesome!
@EfrosFinancial4 жыл бұрын
Thank you! Cheers!
@epianguiano78804 жыл бұрын
Hello, would you say that a Mahindra front loader for my farm is An equipment under 5 years? Thx
@sankalpgupta61403 жыл бұрын
I don't know why we are calculating straight line depreciation on Basis calculated as per MACRS. The adjusted basis for both the methods should be different.
@lauraliao59072 жыл бұрын
I was confused by that too. For the straight line depreciation shouldn't it just be a constant $200 of depreciation per year for 5 years? It shouldn't be a different amount every year.
@randcproductsservicesllc27944 жыл бұрын
Hi: My question for you is I have a laptop that is 9 years old.. clearly exceeding the 5 year life. Does this mean that I go into the 7 year life now?
@EfrosFinancial4 жыл бұрын
The useful life of an asset for income tax purposes is separate from the actual age of the asset. Accordingly, to reference your example, if you place in service for business purposes a 9-year old laptop (you may want to invest in a new laptop! :D), then you would begin depreciating that laptop over 5 years -- not 7 years. However, given that the basis amount used to depreciate assets which are converted from personal use to business use is generally the lower of the adjusted basis or the fair market value on the date the asset is placed in service, you would also need to determine the fair market value of the laptop which may be close to zero after 9 years. As a result, the lack of fair market value would decrease the total tax benefit of the depreciation which would result.
@bonitamorlang10733 жыл бұрын
What if the equipment only lasted 2.5 yrs?
@theblueeyedkilla92213 жыл бұрын
Dope👍
@Pumkyn3 жыл бұрын
Im so confused what does this have to do with taxes
@ashleighjoy20073 жыл бұрын
A business can write off depreciation of property on their taxes. So its calculating how much depreciation a business can write off on their taxes for certain properties.