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Choose the response that correctly describes the reporting requirement for depreciable real property used in...

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Accounting

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Choose the response that correctly describes the reporting requirement for depreciable real property used in conjunction with a home-based business or rental property. Amounts previously claimed for depreciation do not have to be recaptured if the property is later sold at a gain A taxpayer who rents a portion of their home should claim a depreciation deduction based on the square footage of their entire home. Taxpayers are not required to report depreciation, although most will choose to do so if they benefit from the deduction Taxpayers who sell their property at a loss do not have to include in income amounts previously claimed for depreciation, as long as the loss exceeds the amount claimed. Mark for follow up

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