ATTENTION ALL BUSINESS PERSONAL PROPERTY TAXPAYERS
According to Missouri Revised Statutes, Chapter 137, Section 137.122, a standardized schedule of depreciation will be applied state-wide to depreciable tangible personal property assets. The depreciation rates and schedules are based upon the IRS MACRS tables, as adjusted and adopted by the State legislature. It is important to note that, for tax purposes, assets are never fully depreciated. Assets that have been fully depreciated on your books must continue to be reported at their original cost and acquisition year as long as they are physically located at your place of business.
Declaration Forms and Instructions
For a complete text of the above referenced statute, please refer to the State of Missouri website: www.moga.mo.gov
For information concerning the correct allocation of assets per the IRS recovery life tables, please refer to the IRS website: www.irs.gov
Click on the following link for frequently asked questions regarding the depreciation schedules: Depreciation Schedules FAQs (pdf).
Click on the following link for samples of recovery life tables: Recovery Tables (pdf).