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Tue 29 Sep, 2020 10:16 am
What does depreciation mean? Is it like refund or tax return?
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The New York Times tweeted 22h ago:
Our reporting showed President Trump’s years of income tax avoidance. He lashed out on Twitter on Monday, claiming he had paid “many millions” in taxes and complaining he “was entitled, like everyone else, to depreciation and tax credits.”
@oristarA,
If you spread the cost of an asset over it's expected useful life, you are depreciating it. The expense recorded is a tax deductible business expense. In the US, the Internal Revenue Service determines the useful life and the exact method of depreciation.
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