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14174: 4562- Salvage Value


Fed Returns Generally

What is the salvage value on the 4562?
 

According to Publication 946:

"Salvage value: An estimated value of property at the end of its useful life. Not used under MACRS."

To enter the salvage value of an asset in Drake, go to the 4562 Depreciation Detail screen. This screen is located on the Assets - Sales - Recapture tab in an 1120, 1120S and 1065; the Assets / Sales tab in 1041; the Income tab in 1040; and the Form 990/990EZ tab in 990 (in the 990 package the screen is labeled DEPR).

Enter the salvage value used for the item in prior years in the Salvage Value field. The system deducts the salvage value from the cost to obtain the depreciable basis.

For more information on salvage value, see Publication 946 or the 4562 Instructions


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