No. It does seem a bit confusing I agree, the rules for assets placed in service and removed from service in the same tax year have a special rule.
-
Excepted Property - Even if the requirements are met for depreciable property, you cannot depreciate the following
property.
-
Property placed in service and disposed of in the
same year.
- Property converted from business use to personal use
in the same tax year acquired.
If they are sold at a gain there will be a taxable gain, if sold at a loss there is no deductible loss.
