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Business & farm
You cannot change the depreciation amount you CAN claim, but if the business use percentage changes, you will deduct more with the increased use. For example, if your depreciation amount for each year is $5000, in 2019 you claimed 90% of that amount and in 2020 you will claim the entire $5000.
Depreciation is the recovery of the cost of the property over a number of years. You deduct a part of the cost every year until you fully recover its cost.
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March 8, 2021
1:45 PM