Southern New Hampshire University What Is Your Property Discussion Paper
Question Description
one page only. thank you
Read the IRS article New Rules and Limitations for Depreciation and Expensing Under the Tax Cuts and Jobs Act on depreciation and expensing rules. Section 1250 property is depreciable real property, including leaseholds if they are subject to depreciation. There is also section 1245, 1252, 1254, and 1255 property. Out of these last four sections, choose two and describe how they differ from Section 1250 property. For specific information on how the IRS treats property, refer to IRS: Publication 544 (2017), Sales and Other Dispositions of Assets resource. Then, answer the following questions:
- When 1250 property is disposed of, how would you treat the gain?
- Is additional depreciation allowed? If not, what prevents this from occurring?
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