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You can only depreciate property that you paid for, not property received for services.
You can only depreciate property that you paid for, not property received for services.
False
If you receive property for services, you can depreciate it based on its fair market value.
If you receive property for services, you can depreciate it based on its fair market value.
True
You do not need a written agreement with the client to depreciate property received for services.
You do not need a written agreement with the client to depreciate property received for services.
False
If you sell property received for services before it is fully depreciated, you may have to pay capital gains taxes.
If you sell property received for services before it is fully depreciated, you may have to pay capital gains taxes.
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You do not need to keep accurate records of the property's basis, depreciation, and use if you receive it for services.
You do not need to keep accurate records of the property's basis, depreciation, and use if you receive it for services.
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