When an asset is placed into service and depreciation is taken as a deduction, the adjusted basis of the asset will be impacted. The video below has been prepared by a tax attorney at The McGuire Law Firm to discuss this issue. Please remember to always consult your tax attorney, business attorney, CPA and/or other advisers regarding your specific facts and circumstances.
John McGuire is a tax attorney and business attorney at The McGuire Law Firm. You can contact John at 720-833-7705 or via the website at: https://jmtaxlaw.com/contact-us/