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How do I depreciate real property?
Can someone help? tried to create a liability account for depreciation, but in my reports depreciation shows as a negative number
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Best Answers
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Tom Young SuperUser ✭✭✭✭✭
Well, depreciation is a "negative number" when it comes to calculating your net worth. The accounting isDebit (increase) Depreciation Expense (a Category)
Credit (increase) Accumulated Depreciation (an Account)Most commonly Accumulated Depreciation is a "contra" Account, an Account that's on the asset side of the balance sheet but is expected to have a negative number.If your recorded transactions for depreciation are in line with the accounting shown above, then that's proper.0 -
GeoffG SuperUser ✭✭✭✭✭
NotACPA said:I'm not a business and I don't need to show the accumulated depreciation ... just the current value of the property.
user since '92 | Quicken Windows Premier - Subscription | Windows 10 Pro version 20H2
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Answers
Credit (increase) Accumulated Depreciation (an Account)
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP