Virginia § 64.2-1066 Transfer from income to principal for depreciation

Virginia Statutes

§ 64.2-1066 — Transfer from income to principal for depreciation

Virginia § 64.2-1066

JurisdictionVirginia

Title 64.2Wills, Trusts, and Fiduciaries

Subtitle IIITrusts

Ch. 10.1Uniform Fiduciary Income And Principal Act

Art. 7Allocation of Disbursements

This text of Virginia § 64.2-1066 (Transfer from income to principal for depreciation) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Va. Code Ann. § 64.2-1066 (2026).

Text

A.As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.

B.A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

1.Of the part of real property used or available for use by a beneficiary as a residence;

2.Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or

3.Under this section, to the extent the fiduciary accounts:

a.Under § 64.2-1057 for the asset; or

b.Under § 64.2-1050 for the business or other activity in which the asset is used.

C.An amount transfe

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A. As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year.

B. A fiduciary may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

1. Of the part of real property used or available for use by a beneficiary as a residence;

2. Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or

3. Under this section, to the extent the fiduciary accounts:

a. Under § 64.2-1057 for the asset; or

b. Under § 64.2-1050 for the business or other activity in which the asset is used.

C. An amount transferred to principal under this section need not be separately held.