What is MACRS deductions for assets placed in service in tax years beginning before $2022$ of following below?

Depreciable property that Rapid Appliance Repair purchased and placed into service prior to $2022$ consisted of the following:

Date Placed into service: Computer System

Purchase Price: $$1000$

Business Use: $100\%$

Stanley did not claim a Section $179$ deduction or any bonus depreciation for these assets when they were purchased. In addition, he did not elect any alternative methods. He only used the MACRS method to depreciate the assets.

The year an asset is placed into service is year $1,$ so year $1$ for the building would be $2008.$ You need to decide what year $2022$ would be for depreciation of computer system?

Answer rating: 100% (QA)

For depreciable property placed in service before 2022 the Modified Accelerated Cost Recovery System MACRS was used to determine deductions for tax pu... View the full answer