Question: As a tax preparer, preparing your own tax return for 2022, you have three rentalproperties showing total rental income of $101,000.00 with $80,000.00 in totalexpenses
As a tax preparer, preparing your own tax return for 2022, you have three rentalproperties showing total rental income of $101,000.00 with $80,000.00 in totalexpenses (this does not include CCA and is your only income). You have neverdepreciated your properties, but this is the first year you are showing a profit. Myquestion is, would you depreciate them this year? Tell me yes or no and explain why
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The detailed answer for the above question is provided below Yes You should consider depreciating yo... View full answer
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