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Get your taxes done using TurboTax
You declare a new asset, like you did for the rental property ( to get depreciation ) -- except in this case you invoke section 179 so it is 100% deducted from your rental gross.
Note that the asset has to be used more than 50% for business ( i.e. exclusively and regularly). Keep good records -- IRS often looks at these things with a jaundiced eye.
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‎July 15, 2020
9:41 AM