Solved: Do I have to file a depreciation?

posted

If you have an asset that is used in a business and has not been all written off or expensed, then Yes you must take depreciation on it.

When asset is sold, IRS uses a rule called, "Allowed or Allowable" when computing gain on the sale of an asset, which really means they will compute the gain or loss as if depreciation was taken.

View solution in original post

If you have an asset that is used in a business and has not been all written off or expensed, then Yes you must take depreciation on it.

When asset is sold, IRS uses a rule called, "Allowed or Allowable" when computing gain on the sale of an asset, which really means they will compute the gain or loss as if depreciation was taken.