Cost/Other Basis
Enter the cost or other basis for the asset.
The following entries are subtracted from "Cost/Other Basis" to arrive at depreciable basis:
- Current year Section 179 expense
- Bonus depreciation
- Commercial Revitalization/Disaster area clean-up & demolition expenses deduction
- Prior year Section 179 expense
- ITC basis adjustment
- Current year ITC and
- Salvage, if applicable
The federal "Cost/Other Basis" entry is also used as a default when computing AMT, ACE, and state if different depreciation when entries are not present for "AMT Basis (if different)", "ACE Basis (if different)", and entries of "Cost/Other Basis," "AMT Basis (if different)," and "ACE Basis (if different)."