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In general, Depreciation refers to the loss of value of an asset over time. Tax Depreciation is the term used when that asset is used for income-generating purposes as the eligible amount of deductions reduces the owner’s taxable income.
As you can guess, Property Tax Depreciation is the “loss of value†or “wear and tear†of an investment property that can be claimed as a tax deduction.
This amount can be deducted from the owner’s taxable income each year that the property is owned by them whilst generating a taxable income |
