Accelerated Cost Recovery System (ACRS)

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Additional Child Tax Credit Accelerated Cost Recovery System (ACRS) Actual Expenses (Regular Method) Adjusted Basis Adoption Credit Amount Realized Active Participation Anti-Churning Rules At-Risk Rules Adjustment to Income Alternative Minimum Tax (AMT) Adjusted Gross Income (AGI) Accrued Interest Accounting Method Accelerated Depreciation Amortization Acquisition Debt Accounting Period Advance Earned Income Credit Active Participant Advance Payments Alimony Payments Annuitant Accrual Method of Accounting Asset Annuity Starting Date Automobile Expenses Audit Away From Home Overnight Annualized Income Amended Return Accountable Plan Annuity Average Basis

Definition of Accelerated Cost Recovery System (ACRS):

Depreciation method used for property placed in service between 1981 and 1986 that used recovery periods (set by the IRS) for different assets instead of useful life. If the asset falls into the 3, 5, 7 or 10 year recovery period, you use the double declining method of depreciation. If the asset is in the 15 or 20-year period, you use 150% declining method and then switch to straight-line when it will give you a larger deduction. Real property uses straight-line over 27.5 (residential property) or 31.5 (commercial property) years.

Start Your Free Return

TaxBox Newsletter

Join TaxBox

TaxBox Search

Accelerated Cost Recovery System (ACRS)

Definition of Accelerated Cost Recovery System (ACRS):

Recent Articles

1040EZ Line by Line Guide

5 Ways to Slash Your Taxes

Federal Forms

About TaxBox