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Antiques may be eligible for cost recovery if they are used in a trade or business.

a. True
b. False

User Namoshek
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1 Answer

7 votes

Final answer:

Antiques may be eligible for cost recovery if they are used in a trade or business.

Step-by-step explanation:

In the case of antiques, they may be eligible for cost recovery if they are used in a trade or business. This means that if an antique item is used as part of a business operation, the cost of the antiques can be deducted as a business expense over time.

For example, if a restaurant owner uses antique furniture to create a vintage ambiance in their establishment, they can depreciate the cost of the furniture over a period of time, reducing their taxable income.

Therefore, the correct answer to the question is a. True.

User Whatapalaver
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