Aircraft tax question
"xyzzy" wrote:
I don't know if aircraft are different, but with investment real
estate
you have to factor in the depreciation if you were entitled to
deduct
it, even if you didn't.
Only investment property held for production of income (e.g.,
rental) is depreciated. Else, depreciation is not allowable, nor
figured in when the property is sold. Ordinary people were doing
this in hot market areas -- "flipping" vacant residential real
estate, not even bothering with tenants.
Fred F.
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