What Is The Accounting Procedure For Income Taxes On Real Estate?Private
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I was told by several accountants that even if I never took a depreciation deduction when doing my building income tax, I would still have to pay it back when I sold the building.
However, I called the IRS and asked this question. If I never took a depreciation each year what accounting method do I use.
To my surprise the IRS agent said I must use a ‘Permissible’ accounting method. (or was it a ‘non-permissible’ method?)
Can you verify which one is correct?