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Depreciation & Recapture
- Can I deduct as a business expense the entire acquisition cost of a computer that I purchased for my business or do I have to use depreciation?
- On what form and line do I deduct the standard mileage rate for my business travel, and do I also need to figure depreciation of the vehicle?
- I have a home office. Can I deduct expenses like mortgage, utilities, etc., but not deduct depreciation so that when I sell this house the basis won't be affected?
- We have incurred costs for substantial work on our residential rental property. We replaced the roof with all new materials, replaced all the gutters, replaced all the windows and doors, replaced the furnace, and painted the property’s exteriors. What are the IRS rules concerning depreciation?