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Is depreciation on carpet pad recoverable or non-recoverable for insurance claim purposes?
Wiki User
∙ 16y ago
Recoverable altho you were foolish not to have "replacement cost". Then you are covered at 100%
Wiki User
∙ 16y ago
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For income statement purposes depreciation is a variable expense if the depreciation method is?
Units-of-production
What is air conditioner useful life for depreciation purposes?
10
Is it mandatory to deduct depreciation for the purposes of income tax?
Yes, to the degree the law reads your gain will be calculated from the basis of the depreciation taken or should have been taken.
What type of depreciation method does the company probably use for income tax purposes?
Straight line method.
What is thee depreciation system used by many businesses for tax purposes?
Modified Accelerated Cost Recovery System
How do you calculate the depreciation deduction for equipment that was purchased three years ago but was not use for business purposes until this year?
It is treated as if you bought it this year. Depreciation can not be taken until an asset is put into use, regardless of when it is purchased.
Can the insurance policy substitute for the insurance confirmation card for registration purposes in Germany?
no
Why do you need the accumulated depreciation account?
Accumulated Depriciated account is kept mostly for TAX purposes but also gives you face value of your assets.
Why depreciation is charged on assets?
depreciation -- Decline in the value of a currency, financial asset, or capital good. When applied to a capital good, depreciation usually refers to loss of value because of obsolescence, wear, or destruction (as by fire or flood). Book depreciation (also known as tax depreciation) is the depreciation that the tax code allows businesses to deduct when they calculate their taxable profits. It is typically faster than economic depreciation, which represents the actual decline in the value of the asset. Both measures of depreciation appear as part of the national income and product accounts.another definition...depreciation -- Decrease in the value of equipment from wear and tear and the passage of time. Depreciation on business equipment is generally deductible for tax purposes.another definition...depreciation -- the decline in the dollar value of an asset over time and though use. The amount of annual depreciation may be computed differently for tax purposes than the actual decline in value.
Where can I find information on life insurance premiums?
You can find information of life insurance premiums, and what their purposes are by asking your current insurance company provider for information on it.
Is a leased car considered a car with a loan?
For the purposes of insurance, Yes.
Is the VA Funding Fee considered Mortgage Insurance for tax purposes?
no,
