Can you depreciate a truck bought and sold in the same year?
2007-01-05 04:37:59 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
From the IRS page dealing with depreciation:
Certain property cannot be depreciated, including:
Land
Property placed in service and disposed of in the same year
Certain types of intangible assets, such as franchises,
agreements not to compete, and goodwill
2007-01-05 05:47:03 · answer #1 · answered by bnkr27 2 · 0⤊ 0⤋
No you cannot depreciate property bought and sold in the same year.
2007-01-05 12:40:16 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
what kind of property? real or personal. is it something durable?
2007-01-05 15:32:46 · answer #3 · answered by alikmal 2 · 0⤊ 0⤋
There is no benefit to doing so.
2007-01-05 13:42:15 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋