Owners of property classified as property held as personal residence can deduct interest, operating expenses, and property taxes but not depreciation as tax deductible expenses.
True or False

Question

19-12-2022
Business

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Owners of property classified as property held as personal residence can deduct interest, operating expenses, and property taxes but not depreciation as tax deductible expenses.
True or False

Answer :

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DarfishaShaikh DarfishaShaikh · Answer 1 · 2022-12-21T20:01:39-05:00

False, Owners of real estate designated as real estate held as personal home may deduct interest, running costs, and property taxes from their taxable income, but not depreciation.

What exactly does a depreciation mean?

Depreciation lowers the book value of the fixed assets. Assets depreciate over over time as a result or wear and tear and technological advancements. Until the assets' useful lives are over, depreciation will continue.

Why does depreciation a positive asset?

Accumulated depreciation should be classified as an asset if you have to decide between the two options because that is how the account is shown on the balance sheet.

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Owners of property classified as property held as personal residence can deduct interest, operating expenses, and property taxes but not depreciation as tax deductible expenses. True or False

Answer :

What exactly does a depreciation mean?

Why does depreciation a positive asset?

Other Questions

Owners of property classified as property held as personal residence can deduct interest, operating expenses, and property taxes but not depreciation as tax deductible expenses.
True or False