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