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On August 11, 2023, Nancy acquired and placed into service residential rental property, which cost $430,000; the cost of the land has been excluded.
On August 11, 2023, Nancy acquired and placed into service residential rental property, which cost $430,000; the cost of the land has been excluded. Nancy annually elects the maximum allowed Sec. 179 deduction for all qualifying property. Nancy's taxable income for the year from her business is $450,000. If the rental property is the only depreciable 2 property that Nancy has, then the total depreciation for the year is: A) $5,865. B) $4,141. C) $5,117. D) $430,000.
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