which of the following items are needed to calculate macrs depreciation for an asset? (check all that apply.) multiple select question. asset's expected usefulness applicable recovery period applicable depreciation convention asset's condition or age date placed in service asset's depreciable basis applicable depreciation method

MACRS is the main wear and tear method used for tax purposes. With MACRS, you can take more tax credits in the early stages of your property and less in later years.
Depreciation is an important part of fixed asset accounting and many very small businesses use MACRS to record depreciation in their books and tax returns.
When you purchase an asset (such as equipment, software, or even a building) for your business, you generally cannot write off the full cost of the asset in the year of purchase.
Rather, the IRS allows you to deduct only a portion of the expense each year over the number of years the asset is expected to live.
Depreciation allows companies to spread the cost of assets such as buildings, equipment and machinery, vehicles, and furniture over the years the assets are used.
To calculate straight-line depreciation, subtract the asset's residual value (the expected value at the end of its useful life) from its cost.
The result is the basis for depreciation or depreciable amount. Divide this amount by the useful life of the asset.

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