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E production of income. Generally, you can depreciate: Tangible property such as buildings, machinery, vehicles, furniture, and equipment; and Intangible property such as patents, copyrights, and computer software. Exception. You cannot depreciate land. Accelerated Cost Recovery System The Accelerated Cost Recovery System (ACRS) applies to property first used before 1987. It is the name given for the tax rules that allow a taxpayer to recover through depreciation deductions the cost of prop.

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