Depreciation on Primary Residence
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Depreciation on Primary Residence
President Donald Trump floated the idea of allowing depreciation — a yearly income tax deduction to recover certain property costs over a set period of time — for personal residences.
“The crazy thing is a person can’t get depreciation on a house, but when a corporation buys it, they get depreciation,” Trump said during an address at the World Economic Forum in Davos, Switzerland. “Okay, here’s something we’re gonna have to think about.”
However, it’s unclear how that idea might come to fruition, and whether the proposal has congressional support amid other legislative priorities.
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