Discussion:Special Depreciation-Katrina
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Discussion Forum Index --> Tax Questions --> Special Depreciation-Katrina
| 15 November 2006 | |
| I have a client interested in purchasing rental property in the gozone. In researching the guidelines I find some ambiguity in the requirements. One section refers to sec.168 property, residential real estate, as qualifying property but then another sentence says that property purchased solely as income producing property does not qualify. Can anyone clear this up for me? | |
Taxguy1024 (talk|edits) said: | 15 November 2006 |
| In order to qualify for the bonus depreciation, the taxpayer must "meaningfully participate" in the management and/or operations of the trade or business activity. They do NOT define what "meaningfully participate" means....but if ALL you are is an investor...and, then that would not qualify. | |
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