Depreciation Worksheet

If you own any business assets, you'll need to keep track of their original basis (generally, this means the costs of acquiring each asset) and also any depreciation you've claimed over the years. You need to do this so that when you dispose of the asset, you'll know whether you've got a taxable gain, a loss, or a breakeven situation. The worksheet provided is designed to keep all your depreciation records in one place.

As you acquire an asset, start the record for that asset by writing down the relevant information in the first row. Then leave a number of rows blank - the number should correspond to the recovery period of that asset. In each succeeding year, you'll use the last column of the next row to record your depreciation deduction for that asset. In this way, you can see at a glance exactly how much depreciation you've claimed for that asset over the years, and you'll know when the asset is fully depreciated so that no more deductions can be claimed.

depreciation worksheet

The file is in Adobe portable document format (PDF), which requires the use of Adobe Acrobat Reader.

Adobe Acrobat Reader is available, without charge, at the Adobe website.

For more information on depreciation, including the recovery periods for various classes of assets, see our discussion of capital assets and depreciation.