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If corporate equipment is temporarily removed from service, can it be depreciated according to the previously established depreciation schedule?


The BIDaWIZ Team's Answer:

Based on your description of the situation, it appears as though you are referring to idle property as defined by the internal revenue code. You are to continue to claim a deduction for depreciation on the equipment even if it is temporarily idle (not in use). Depreciation would only stop if you have fully recovered your cost or other basis, or the asset is retired from service because it has been sold or exchanged, converted to personal use, abandoned, scrapped, or destroyed.

The BIDaWIZ Team



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