Virginia § 64.2-1066 - Transfer from income to principal for depreciation
Full text of Virginia Code of Virginia § 64.2-1066 — Transfer from income to principal for depreciation, with citation guidance and answers to common questions.
§ 64.2-1066. Transfer from income to principal for depreciation
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.
2022, c. 354.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 64.2-1066
What does Code of Virginia § 64.2-1066 cover?
Section 64.2-1066 ("Transfer from income to principal for depreciation") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 64.2-1066?
A common citation format is "Code of Virginia § 64.2-1066" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 64.2-1066 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.