Question
Question \#14 of 15 An individual cannot claim a depreciation deduction on her own personal residence. True False
Ask by King Christensen. in the United States
Mar 10,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
True.
Solution
**Step 1:**
A depreciation deduction is generally available for property used for business or income-producing purposes.
**Step 2:**
A personal residence is not used for business or income production.
**Step 3:**
Since a personal residence is for personal use, the IRS does not allow a depreciation deduction for it.
**Final Answer:**
True.
Answered by UpStudy AI and reviewed by a Professional Tutor
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True! When it comes to claiming depreciation deductions, personal residences are off-limits—sorry homeowners! This is because depreciation is meant for properties used in a trade or business, or for investment purposes, like rental properties. Your cozy abode isn’t generating income, so it doesn’t get that sweet tax break. However, if you decide to rent out a portion of your home, like an extra room on Airbnb, you might be in luck! In this case, you can claim depreciation on that part of the property being used for business purposes. Just make sure to keep track of the expenses and use the right formulas to figure it out. Happy renting!
