James purchased office equipment for his business. The equipment has a depreciable basis of $7,000 and was put in service on June 1, 2019. James decides to elect straight-line depreciation under MACRS for the asset over the minimum number of years (7 years) and does not use bonus depreciation or make the election to the expense. What is the amount of his depreciation deduction for the equipment for the 2019 tax year?

The depreciation deduction for the year is $583.33

Explanation:

Depreciable basis = $7,000

Number of years = 7 years

Depreciation per year = $7,000 / 7 years

Depreciation per year = $1,000 per year

Assuming year end is December 31, 2019

Number of month passed in 2019 = December 31, 2019 - June 1, 2019 = 7 months

Depreciation for the year 2019 = $1,000 x ( 7 / 12 ) = $583.33

So the depreciation deduction for the year is $583.33

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