No matter how many times I’ve been asked today to offer my “take” on the returns, I can’t give a more honest answer than, “I haven’t seen the returns.”
It feels like this audit has gone on forever. I understand statute of limitations , but why would you ever push it off?
For federal income tax purposes, depreciation is a deduction that allows you to recover the cost or other basis of certain property. It can be tricky but generally, you begin to depreciate your property when you place it in service for the first time. The IRS considers property “placed in service” when it is ready and available for use, not when you actually begin using it.
This is why the Times noted that “Depreciation, though, is not a magic wand…” It doesn’t simply create losses out of thin air. You canAccording to the Times, Trump failed to pay back at least $287 million since 2010. Normally, a failure to pay back that kind of debt would result in a taxable event.canceled debt is considered income
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