Drake Tax - Depreciable Property Placed in Service and Sold in the Same Year

Article #: 14095

Last Updated: October 21, 2024

 


Tags: Drake Tax

Drake Tax logo

Depreciation not calculating on an item that was placed in service and sold during the same year

Even if all requirements to depreciate property have been met, you cannot depreciate property placed in service and disposed of in the same year.

For information on what qualifies to be depreciated, or to determine the property's placed in service date, see Publication 946.