Mark the correct statement. Residential real property is depreciated over 39 yea

Question

Mark the correct statement. Residential real property is depreciated over 39 years. Nonresidential real property is depreciated over 27 1/2 years. Nonresidential real property is deprecated over 39 years. Depreciation on real property starts at the begining of the year in which the property is placed in service. Aaron has a successful business with $50,000 of income in 2012 He purchased one new asset in 2012, a new machine that is 7-year MACRS property, with a cost of $7,000. Of the options available for allocating the cost of the asset over time, for tax purposes, what is the largest write-off Aaron can obtain in 2012? $1,000

Explanation / Answer

Answer:9 c.Non residental real Property is depreciated over 39 years.

Because residental real Property is depreciated over 27.5 years.

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