If someone sells me an asset that theyve fully depreicated, am i still able to claim depreciation on that same asset? If yes, what would that look like?
I know there are different depreciation schedules, so I’m not asking for a one size fits all answer.
Assume someone buys a car (genuinely for business use) and they depreciate it down to a 0 cost basis, and I buy it for 30k.
Am I able to depreciate my cost basis of 30k? Or would I not be able to? Thanks.