I have an assignment where I have to give responses on the article below the requirements for the responses are designed to expand the topics, "includes some new detail information, and/or clarifying details from additional research on that topic below. can you please include the references of the new sources you are sharing using citation format." ?

What is depreciation? Depreciation is the reduction in the value of an asset over time due to wear and tear. Depreciation can be included as an income tax deduction. It gives an allowance for the wear and tear of a property. What types of properties can be depreciated? Tangible and intangible personal properties. A few tangible personal properties include things like vehicles, silver, artwork, any type of collectibles, equipment, buildings and even antiques that you may have. Intangible personal properties include a patent or copyright, stocks, and a company's goodwill value. For a property to be depreciable it does have to meet a few requirements. According to the IRS those requirements are as follows . must be property you own o Includes property you lease to someone unless there is a lease that states the lessee must return the property the same way it was before leasing it from you. o You can claim depreciation on property that you are leasing if it is by way of incident of ownership. . "The Legal title to the property. . The legal obligation to pay for the property. . The responsibility to pay maintenance and operating expenses. - The duty to pay any taxes on the property. . The risk of loss if the property is destroyed, condemned, or diminished in value through obsolescence or exhaustion." (IRS publication 946 2022) 274004/view/groupFilterOption=0 When it comes to things that cannot be depreciated, those include things like land unless it is used to prep the land like landscaping or expected property. Expected property is property that is disposed of in the same year. The IRS publication also states that if you place a property in service in personal activity you cannot claim depreciation but if you change it to business then you can but only at the time of the change. When it comes to the begin date and end date of depreciation that is based on when you place it in service for use and the depreciation would be based on which one happens first: you have fully recovered your cost, or you retire the property and no longer using it even if you have not fully recovered the cost. Property is considered in service when it is ready for its specific use, and it does not matter if that is related to personal use or business use. If you have recovered the salvage value or the allowed/allowable depreciation deduction, then you have fully recovered your cost. References: IRS. Publication 946 (2022) How to Depreciate Property https://www.irs.gov/publications/p946 SC Department of Revenue. (November 2022) Chapter 7 Tangible Personal Property https://dor.sc.gov/resources-site/lawandpolicy/Documents/Chapter%207%20- %20Tangible%20Personal%20Property.pdf#search=tangible%20personal%20prop erty