Hello Everyone,
First post here.
This is the 2nd year I'm doing my taxes on Turbo T.
I have a couple of questions on this depreciation deductions.
k you can lower the price you paid for the prop-?
1) Say the prop- cost you 100K and you depreciate the building for 10 years at $3K per if you selling the prop on year 11 do you have to pay 33K in taxes?
2) If you pass that same prop to your daughter it triggers a new depreciation for the 27.5 years for her?
#) How you can joggle the business percentage value on Turbo to lower the amount of depreciation.
I don't think you can lower the price you paid for the prop-?
Thanks in advance.
