4 ms·
Only ones that you use for business or income. Personal property used for non-buisness or income producing activities is not depreciable. > To be depreciable,
by voxic11 6y ago
Only ones that you use for business or income. Personal property used for non-buisness or income producing activities is not depreciable.
> To be depreciable, the property must meet all the fol-lowing requirements... It must be used in your business or income-producing activity
- jedberg 6y agoIf you're selling at a garage sale it just became part of your income producing activity.
- pdonis 6y agoEven if you take this viewpoint, it still means you can't depreciate the item, because it wasn't part of your income producing activity until just that moment, which means the depreciation is zero, since depreciation can only be taken based on the time the item was used for your income producing activity.
- kube-system 6y agoThat’s not what that means. That phrase is referring to you using an item as a tool to generate income. You could depreciate a desk that you work at, but not the one that your kids do their homework on. (Because homework is not an income generating activity)