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Tax question - depreciation
I'm sorry I haven't posted here for quite some time, I've been lurking too much. My question may not be appropriate for this forum, so please feel free to delete it Michele. I've used Quickbooks/Turbotax to do taxes for my partnership the last couple years. There's something I've never quite understood for fixed asset depreciation, however (IRS pub. 946 is quite brief). Say I bought Chris Saper's book in January, Richard Schmid's book in July, and Ramon Kelley's in December. I then make a fixed asset account with the name "Books", which contains the three books. However, to depreciate that asset, Turbotax needs the date that fixed asset was placed into service. What date should I use, as the books were bought throughout the year?
Regards,
Holly
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