{"data":{"id":"us-va/va.-code-64.2-1066","jurisdiction":"us-va","citation":"Va. Code § 64.2-1066","heading":"Transfer from income to principal for depreciation","body":"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; or3. Under this section, to the extent the fiduciary accounts:a. Under § 64.2-1057 for the asset; orb. 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.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 10.1. Uniform Fiduciary Income And Principal Act","Article 7. Allocation of Disbursements"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-1066/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"5410c9dc9382111b0f6886a15034df5004b952d97a77459cadf65627c8e63031","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-1065","next":"us-va/va.-code-64.2-1067"},"notice":"GroundRules: Original legal text. Not legal advice."}