Asked by J

Which taxpayer has property that is depreciable?
Chloe owns a townhouse and rents it out to tenants.
Luca purchased a plot of land that he held for investment.
Jace purchased a new camera on March 17, 2024, for his photography business. Later, he had buyer's remorse and sold the camera on October 9, 2024.
Maiya purchased a new refrigerator for personal use in her home.

All Answers 1

Answered by GPT-5 mini AI
Chloe and Jace.

- Chloe: Yes — the townhouse (the building portion) is residential rental property and is depreciable. (Land is not depreciable.)
- Jace: Yes — the camera was used in his photography business, so it is business property and depreciable for the period it was placed in service.
- Luca: No — land is not depreciable.
- Maiya: No — the refrigerator is for personal use and not depreciable.