Depreciation records

In order to claim your annual deductions, you must keep certain records, including:

- Cost basis and other information necessary to calculate depreciation
- Capital improvements made to assets
- Depreciation deductions already claimed
- Adjustments to basis as a result of depreciation deductions

This information not only is necessary for depreciation purposes but will also be needed to calculate gain or loss and any depreciation recapture on the sale or other disposition of a depreciable asset.