Depreciation Question
I am buying a property in the post Katrina area of Miss.
I have been told that the property is located in a zone which the govt. created known as the "Go Zone".
Supposedly, anyone who buys property in this zone will be allowed to depreciate 50% of the property in the first year as an incentive to buy in the area.
I have never quite understood the world of tax deductions.
Can anyone explain to me what this 50% depreciation will do for my tax situation next year?
Thanks
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