Discussion:Depreciation Deduction
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Discussion Forum Index --> Tax Questions --> Depreciation Deduction
| 16 February 2006 | |
| If an asset was purchased last year, but no depreciation was deducted by the client, can the depreciation start this year with all its life available to be depreciated?
Asset was purchased in 4-2004, depreciation expense in 2004 0. Depreciation Expense in 2005 = 1st year of depreciation expense? Thanks in advance! | |
| 16 February 2006 | |
| Would guess 2004 would need to be amended to get depreciation for that year. | |
| 17 February 2006 | |
| Solomon is correct; you must cannot do a make-up transaction for 05. However, if an amended return is not done the deduction is not lost forever. The depreciation not taken can now be claimed in the year an asset is sold, so the allowed or allowable rules have lost much of their bite. | |
| 17 February 2006 | |
| ...you must cannot do... Sorry everybody, I normally try to proofread before rather than after I post! That should say, "you cannot do." | |
| 17 February 2006 | |
| Sorry. I'm not very familiar with depreciation issues.
It suppose to start the year purchased and put in service. Then, what happen if bought but not place in service? | |
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