New York (Aug. 7, 2003) -- Recent federal legislation liberalizing depreciation and business expensing rules creates a potential tax trap for those who live in states which have adopted some form of the federal rules but whose business or rental property is in a state which hasn't, according to a New York CPA.
The same trap applies to those who live in a state that hasn’t adopted some form of the federal rules but whose business or rental property is in a state that has.
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