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Beginning asset depreciationQuestion When can I begin depreciating an asset and claiming the deduction on my tax return?
Answer You can claim the depreciation deduction beginning in the year in which the property is placed in service. You continue to claim depreciation throughout the recovery period of the asset which, depending on the asset, will vary. For example, a piece of equipment has a shorter recovery period than does real estate.
Brain Trust contributor:
Author of J.K. Lasser's Small Business Taxes 2007
Related Categories: Accounting, Finance, Taxes
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