Reference no: EM132667521
Problem - Dr. Cliff Payne purchased and placed in service $612,085 of new fixed assets in his dental practice during the current year.
Office furniture and fixtures $70,000
Computers and peripheral equipment 67,085
Dental equipment 475,000
Using his financial reporting system, he concludes that the depreciation expense on Schedule C of Form 1040 is $91,298.
Office furniture and fixtures ($70,000 x 14.29%) $10,003
Computers and peripheral equipment ($67,085 x 20%) 13,417
Dental equipment ($475,000 x 14.29%) 67,878
$91,298
In addition, this year Dr. Payne purchased another personal residence for $480,000 and converted his original residence to a rental property. Has Dr. Payne correctly calculated the depreciation expense for his dental practice? Will he be able to deduct any depreciation expense for his rental properties?
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