Skip to content
← For small businesses

Enter your idea

For small businesses: Accounting features

Categories

(thinking…)

Fixed Assets - MACRS depreciation

Be able to run depreciation as MACRS in Fixed Assets.

7 votes

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We’ll send you updates on this idea

Samantha Favrot shared this idea  ·   ·  Report…  ·  Admin →
How important is this to you?

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close

We're glad you're here

Please sign in to leave feedback
Signed in as (Sign out)
Close
Close
Submitting...
An error occurred while saving the comment
  • James Kruse commented  ·   ·  Report

    I've run into this issue just now when adding Real Estate fixed assets in the USA. The mid-month MACRS depreciation is required for these assets over a 27.5-year lifetime. I am unable to recreate this depreciation schedule with the tools available in Xero. The full month option overestimates the depreciation by a whopping 9.3%.

  • Freya Pieroz commented  ·   ·  Report

    Would you be able to explain how MACRS (as defined by the IRS), differs from the straight line depreciation and reducing balance depreciation methods used in the rest of the world? A quick read through tells me that MACRS:GDS is basically reducing balance, and MACRS:ADS is basically straight line depreciation, it's just the effective life that changes (eg the Australian Tax Office says that the effective life of a tractor is 12 years and it looks like the IRS defines it as 3 years when using MACRS?)

  • Tammy Adkins commented  ·   ·  Report

    MACRS is the current tax depreciation system used today for tax purposes. I highly favor this system being added.