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The IRS’s Tax Code Can Help Us to Be Grateful, Even After Harvey

The IRS’s Tax Code Can Help Us to Be Grateful, Even After Harvey

The IRS tax code forbids U.S. Taxpayers from depreciating land.  See where this is going? ………………. The U.S. tax code basically says the land is forever, regardless if it’s underwater or not.  Of course, the people who wrote the tax code obviously never lived in the State of California on the earthquake fault line. …….. When preparing taxes, if your property is used for business, this includes your primary home or rental property, you can ONLY depreciate the actual cost…

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