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Investors & landlords
if you capitalize them you must depreciate them. the tax laws say should you sell the property you must take into account the depreciation that should have been taken on them to figure the taxable gain/loss. to fix this problem in the year of sale can be a hassle and may require professional help. and not only is your tax return affected in the current year but also every year until you sell.. yo should look through the return with and without to see what lines are changing. however, I understand that if you are using the online version you need to pay before you can see the actual return.
‎January 16, 2023
8:59 AM
1,023 Views