Frequently Asked Question 185
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What are "assets related to rental property"?
An asset is property that has a determinable life span of more than one year that will wear out or decay. The asset must be used in the rental or held to produce rental income. Its initial cost must be depreciated under the IRS rules. An asset can be the rental property itself, a new roof, a new stove and refrigerator, landscaping, etc. |
