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Updated over 4 years ago,
Depreciating a Fix & Flip Property
We purchased a SFH in August 2019, fixed it up, and sold it in January 2020. It was never rented during the time we held it. My CPA reported depreciation on my Schedule C. She said we should depreciate the property because we will have to recapture that depreciation when we report the sale for 2020 whether or not we took the depreciation in 2019. She is not aware of anything in the tax law to say you can't depreciate this type of property. I didn't think you could or should depreciate fix and flip property (says everything I've read on google). Can anyone help me clarify this?