Depreciation deduction calculated for real rental property

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Reference no: EM131863019

In the year of disposition, how is the depreciation deduction calculated for real rental property that has been depreciated using the mid-month convention?

1. The depreciation in the year of disposition will be the same as the depreciation in a regular year.

2. The deductible amount will be determined by the month in which the asset is disposed.

3. No deduction is allowed in the year of disposition.

4. Only the amount of depreciation actually claimed in prior years is allowable.

Like all self-employed taxpayers, self-employed clergy can deduct amounts paid for:

1. Medical and dental insurance and qualified long-term care for themselves and spouse, and their dependents under age 27.

2. Medical and dental insurance and qualified long-term care for themselves and spouse only, and not for dependents under age 27.

3. Medical and dental insurance and qualified long-term care for themselves only, and not for spouse or dependents under age 27.

4. Medical and dental insurance and qualified long-term care expenses are not deductible for clergy.

Reference no: EM131863019

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