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Recognizing Cost Basis of Contributed Assets in an LLC and Calculating Corresponding Depreciation
As the sole owner of my LLC, I am planning to contribute fixed assets (mostly computers and accessory) to the company and I need to calculate the depreciation of those assets. I am wondering if a simple residual value with a reasonable duration or market value with reference from eBay or Amazon would be enough to establish the value of the assets, or if I should have an accountant evaluate them.
Additionally, I noticed that TurboTax has default durations for different types of assets, for example, 5 years for computer equipment. I'm wondering if these default durations are standard or if they can be adjusted based on the specific circumstances of my LLC. Any insights or advice on these topics would be greatly appreciated. Thank you in advance for your help!