The depreciation rates for an asset defined as a 5 year property by the IRS are as follows: 15% for the first year of depreciation, 22% for the second year of depreciation, and 21% for the third through the fifth years of depreciation. The screen below shows the table entered for this 5 year property.
These rates are specified for the asset by entering the table code on the second screen of the Fixed Asset form as follows.
For further discussion on calculating depreciation using the ACRS method, refer to Chapter 9, Calculate Depreciation in this manual.