Which of the following is TRUE regarding the depreciation of residential rental property? Taxpayers are required to depreciate such property using the General Depreciation System (GDS). Unimproved land is depreciable over 30 years if the taxpayer intends to construct residential rental units on the land. Depreciation begins on the first day of the calendar year in which such property was placed into service. Taxpayers who use the GDS system depreciate the property over 27.5 years.
Which of the following is TRUE regarding the depreciation of residential rental property? Taxpayers are required to depreciate such property using the General Depreciation System (GDS). Unimproved land is depreciable over 30 years if the taxpayer intends to construct residential rental units on the land. Depreciation begins on the first day of the calendar year in which such property was placed into service. Taxpayers who use the GDS system depreciate the property over 27.5 years.
Chapter8: Depreciation And Sale Of Business Property
Section: Chapter Questions
Problem 5MCQ: Which of the following statements with respect to the depreciation of property under MACRS is...
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Which of the following is TRUE regarding the depreciation of residential rental property?
Taxpayers are required to
Unimproved land is depreciable over 30 years if the taxpayer intends to construct residential rental units on the land.
Depreciation begins on the first day of the calendar year in which such property was placed into service.
Taxpayers who use the GDS system depreciate the property over 27.5 years.
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