Maybe. The general rule is that you must depreciate items costing less than $500. However, if you are building a shed and buying items on a number of different occasions, you must add all of the cost together when deducting… Read More ›
Ask Tom > Depreciation and Home
Should I depreciate my home? My accountant says I shouldn’t because if I do I’ll have to pay taxes when I sell my home.
Never listen to anyone who tells you not to depreciate your home. Home depreciation deductions can significantly reduce your taxes each year. When you sell your home you will have to pay taxes on the depreciation you claim over the… Read More ›