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Deduct Your Demolished Building Using a General Asset Account Logo aicpa

  Gian Pazzia and James Liechty, CPA |   Free |   AICPA |   19 May 2016 |   Tax Insider

Using a general asset account for a building that will be demolished can save taxpayers money, but it must be elected as soon as the property is placed in service. This article explores the matter.

Topics covered:
  • Tax: Technical: Tax accounting: Capitalization & depreciation, Intermediate