Fixed Asset Schedules, Depreciation Reports, and Depreciation Amortization Reports
What Is a Fixed Asset Schedule?
A Fixed Asset Schedule, also called a Depreciation Schedule or Amortization & Depreciation Report, is a report prepared by tax software that lists the assets being depreciated on your tax return.
Although the name varies depending on the software your CPA uses, these reports all provide essentially the same information.
In most cases, this report is located near the back of your federal tax return as an attachment.
Why Do We Need It?
The Fixed Asset Schedule allows us to verify how your property is currently being depreciated. It helps us determine:
- The property's original cost basis
- The placed-in-service date
- The depreciation method and recovery period
- Depreciation claimed each year
- Accumulated depreciation through the current tax year
This information is essential when performing a cost segregation study or preparing Form 3115 for a change in accounting method.
Information Included
A typical Fixed Asset Schedule contains:
- Property address or asset description
- Original cost basis
- Date placed in service
- Asset life (such as 27.5 or 39 years)
- Depreciation method
- Current-year depreciation
- Accumulated depreciation
- Remaining tax basis
Where Can I Find It?
Most tax preparation software includes this report as an attachment to your tax return. It is typically found near the back of the return under one of the following names:
- Fixed Asset Schedule
- Depreciation Schedule
- Amortization & Depreciation Report
- Depreciation Report
- Asset Listing
