Installment Sale With Depreciation Recapture
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FAQ
All taxes on recapture of depreciation are due in the year of sale and cannot be deferred using an installment note. For some taxpayers in the current market, this is an important point to remember, because they may have as much recapture of depreciation gain as gain due to appreciation.
An installment sale is one of several possible approaches to revenue recognition under the rules of Generally Accepted Accounting Principles (GAAP). More specifically, this method accounts for when revenue and expense are recognized at the time of cash collection rather than at the time of sale.
If you buy a fixed asset and you finance it with a loan or installment plan, you must record it in your accounts. You can record the original purchase by posting a journal. By doing this, you can include any deposits and fees at the same time as the purchase.
You record the sales price in the asset account ?installment accounts receivable? and in the temporary revenue account ?installment sales.? At the same time record an increase in cost of goods sold and decrease inventory by this cost.
How Do You Calculate Depreciation Recapture? Depreciation recapture is calculated by subtracting the adjusted cost basis from the sale price of the asset. The adjusted cost basis is the original price paid to acquire the asset minus any allowed or allowable depreciation expense incurred.