Is depreciation allowed on furniture and fixtures, machinery and equipment, computer equipment and leasehold improvements?
Yes. In calculating the assessed value, the county assessor’s office allows depreciation. The taxpayer has the option of listing fixed assets in summary or by year of acquisition. Generally, listing by year acquired permits the County Assessor’s office to allow more depreciation. Do I have to report assets that I lease, loan, rent, borrow or are provided as part of the rent? Yes. There is an area on the back of the return specifically for those assets. Even though the assets are assessed to the owner, they must be listed for informational purposes. Are licensed vehicles, automobiles, trucks, etc. to be included on this form? No. This is the most common mistake made in completing the Form 901. Motor vehicles licensed by the state are not included in inventory or as machinery and equipment. Do I have a chance to correct a mistake or protest the valuation of my business? Yes. The Assessor’s office will send you a notice of assessment showing the value placed on your business. You have 20
Related Questions
- Other than the costs for construction, what causes my fixed assets (i.e. furniture & fixtures, office equipment and leasehold improvements) to increase?
- Is depreciation allowed on furniture and fixtures, machinery and equipment, computer equipment and leasehold improvements?
- Is air conditioner purchased for the computer room a leasehold improvement or furniture and equipment?
