Tax question - depreciation

[Holly Snyder]

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

[Michele Rushworth]

Sounds like a question for a tax advisor. I'm not sure books can be depreciated anyway.

[Holly Snyder]

Thanks Michele. I used a tax firm one year, however while I'm making no money now I'm trying to cut costs. I was hoping there are others who also do taxes themselves (although I wouldn't recommend it), that would have an answer. Although books can be depreciated (the firm that did my taxes one year did it) the example could apply to anything. Say it was furniture - an easel, a taboret table, and a tripod bought throughout the year.

Cheers,

Holly