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Investors & landlords
Depreciation is not allowed for property placed in service and retired from service in the same tax year.
IRS states section 1.168(i)-4(c):
(c) Conversion to personal use. The conversion of MACRS property from business or income-producing use to personal use during a taxable year is treated as a disposition of the property in that taxable year .
May 31, 2019
5:50 PM