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Deductions & credits
Most people have the mistaken belief that depreciation is a permanent deduction. It is not. When you sell or dispose any asset that you have taken depreciation on, you are required to recapture that depreciation in the year of disposition and pay taxes on it if applicable. There is only one scenario where depreciation is potentially not recaptured. That would be if the owner of the depreciated asset dies. But even then, that's now always the case.
‎June 20, 2020
7:31 AM