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Calculate Holly total depreciation deduction

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Reference no: EM132860234

Question - On Dec 6, 2021, Holly purchased a residential apartment building. The cost basis assigned to the building is $800,000. Holly also owns another residential apartment building that she purchased on Oct 15, 2021, with a cost basis of $500,000.

Required -

a. Calculate Holly's total depreciation deduction for the apartments for 2021 using MACRS.

b. Calculate Holly's total depreciation deduction for the apartments for 2022 using MACRS.

Reference no: EM132860234

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