mattgutz
Level 4
10-04-2022
12:57 PM
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The client bought and sold his food truck in 2021. Does this still need to run through the depreciation schedule?
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Level 15
10-04-2022
01:42 PM
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Even if all requirements to depreciate property have been met, you cannot depreciate property placed in service and disposed of in the same year. See pub 946. https://www.irs.gov/pub/irs-pdf/p946.pdf