Depreciation: A Beginner’s Guide with Examples
These records must show how you acquired the property, the person you acquired it from, and when you placed it in service. In 2023, Jane Ash placed in service machinery costing $2,940,000. This cost is $50,000 more than $2,890,000, so Jane must reduce the dollar limit to $1,110,000 ($1,160,000 − $50,000). If you file a […]