Taxpayers can generally deduct ordinary and necessary expenses of doing business, including depreciation, if adequate records are kept. One realtor/construction company owner deducted $8,000 of depreciation for a truck he said he used to meet clients, look at jobs and go to meetings. He provided no details of the truck’s cost, date it was placed in service, business percentage of use and previously allowed depreciation. Court documents state that a depreciation deduction requires a taxpayer to “establish the property's depreciable basis by showing the cost of the property, its useful life, and the previously allowable depreciation. The depreciation deduction was denied. (TC Memo 2021-52)