Basis of Assets and Depreciation

This 3-hour class explains what assets are and what depreciation is, along with the integral role of a "basis" in property. This lesson will cover client capital assets and how to handle a client’s property sales as capital assets. We will also utilize plenty of IRS examples in explaining some of the more complicated concepts. We will specifically walk tax preparers through the basis of a taxpayer’s property to figure further taxable events, such as depreciation, depletion, and gains or losses on sales. We’ll also look at the different types of property such as stocks and bonds, real property, business assets, tangible assets, and intangible assets. Lastly, we’ll look at methods to determine basis in different types of property, what types of property can be depreciated and can’t, and which methods taxpayers can use to depreciate their property.