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If you have a business or investment asset that's expected to be used for more than one year, you'll deduct the cost of the asset over the course of several years (there is an exception to this rule if you are eligible and elect to write off a small business asset in the first year).
The IRS provides a slew of depreciation tables to be used in different situations:
The files are in rich text format (RTF) that is suitable for use with most word processing programs used in the Windows environment.
For more information, see our discussion of capital assets and depreciation.
After you finish your federal tax return, your information will accurately and automatically transfer into your state return. Just answer a few state specific questions, and you're done.
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