{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/64.2-1066.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/64.2-1066.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/64.2-1066.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/64.2-1066.html"}],"law_id":375809,"edition_id":2,"section_id":375809,"structure_id":53446,"section_number":"64.2-1066","catch_line":"Transfer from income to principal for depreciation","history":"2022, c. 354.","full_text":"A\n\nAs 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.\n\nB\n\nA 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:\n\n1\n\nOf the part of real property used or available for use by a beneficiary as a residence;\n\n2\n\nOf tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or\n\n3\n\nUnder this section, to the extent the fiduciary accounts:\n\t\t\t\ta. Under § 64.2-1057 for the asset; or\n\n\t\t\t\tb. Under § 64.2-1050 for the business or other activity in which the asset is used.\n\nC\n\nAn amount transferred to principal under this section need not be separately held.\n\n","order_by":null,"text":{"0":{"id":1403090,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1403091,"text":"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:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":1403092,"text":"Of the part of real property used or available for use by a beneficiary as a residence;","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":1403093,"text":"Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"B3"},"4":{"id":1403094,"text":"Under this section, to the extent the fiduciary accounts:\n\t\t\t\ta. Under § 64.2-1057 for the asset; or\t\t\t\tb. Under § 64.2-1050 for the business or other activity in which the asset is used.","type":"section","prefixes":["B","3"],"prefix":"3","entire_prefix":"B3","prefix_anchor":"B3","level":2,"prior_prefix":"B2","next_prefix":"C"},"5":{"id":1403095,"text":"An amount transferred to principal under this section need not be separately held.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B3"}},"ancestry":[{"id":53446,"edition_id":2,"name":"Allocation of Disbursements","identifier":"7","label":"article","depth":4,"order_by":7,"parent_id":53439,"metadata":{"child_laws":7,"child_structures":0},"date_created":"2026-08-02 03:16:33","date_modified":"2026-08-02 12:37:17","permalink":{"id":1501017,"object_type":"structure","relational_id":53446,"identifier":"7","token":"64.2\/III\/10.1\/7","url":"\/64.2\/III\/10.1\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53439,"edition_id":2,"name":"Uniform Fiduciary Income And Principal Act","identifier":"10.1","label":"chapter","depth":3,"order_by":4,"parent_id":53428,"metadata":{"child_laws":46,"child_structures":10},"date_created":"2026-08-02 03:16:28","date_modified":"2026-08-02 12:37:16","permalink":{"id":1500865,"object_type":"structure","relational_id":53439,"identifier":"10.1","token":"64.2\/III\/10.1","url":"\/64.2\/III\/10.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53428,"edition_id":2,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53424,"metadata":{"child_laws":232,"child_structures":36},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:10","permalink":{"id":1500813,"object_type":"structure","relational_id":53428,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53424,"edition_id":2,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":136,"parent_id":null,"metadata":{"child_laws":776,"child_structures":114},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:05","permalink":{"id":1499783,"object_type":"structure","relational_id":53424,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":375807,"structure_id":53446,"section_number":"64.2-1064","catch_line":"Disbursement from income","url":"\/64.2-1064\/","token":"64.2\/III\/10.1\/7\/64.2-1064","metadata":false},{"id":375808,"structure_id":53446,"section_number":"64.2-1065","catch_line":"Disbursement from principal","url":"\/64.2-1065\/","token":"64.2\/III\/10.1\/7\/64.2-1065","metadata":false},{"id":375809,"structure_id":53446,"section_number":"64.2-1066","catch_line":"Transfer from income to principal for depreciation","url":"\/64.2-1066\/","token":"64.2\/III\/10.1\/7\/64.2-1066","metadata":false},{"id":375810,"structure_id":53446,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","url":"\/64.2-1067\/","token":"64.2\/III\/10.1\/7\/64.2-1067","metadata":false},{"id":375811,"structure_id":53446,"section_number":"64.2-1068","catch_line":"Reimbursement of principal from income","url":"\/64.2-1068\/","token":"64.2\/III\/10.1\/7\/64.2-1068","metadata":false},{"id":375812,"structure_id":53446,"section_number":"64.2-1069","catch_line":"Income taxes","url":"\/64.2-1069\/","token":"64.2\/III\/10.1\/7\/64.2-1069","metadata":false},{"id":375814,"structure_id":53446,"section_number":"64.2-1070","catch_line":"Adjustment between income and principal because of taxes","url":"\/64.2-1070\/","token":"64.2\/III\/10.1\/7\/64.2-1070","metadata":false}],"previous_section":{"id":375808,"structure_id":53446,"section_number":"64.2-1065","catch_line":"Disbursement from principal","url":"\/64.2-1065\/","token":"64.2\/III\/10.1\/7\/64.2-1065","metadata":false},"next_section":{"id":375810,"structure_id":53446,"section_number":"64.2-1067","catch_line":"Reimbursement of income from principal","url":"\/64.2-1067\/","token":"64.2\/III\/10.1\/7\/64.2-1067","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-1066\/","history_text":"

This law was first created in 2022. The record of its establishment is cataloged in chapter 354<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":375799,"section_number":"64.2-1057","catch_line":"Liquidating asset","order_by":null,"url":"\/64.2-1057\/"}],"refers_to":[{"id":375792,"section_number":"64.2-1050","catch_line":"Business or other activity conducted by fiduciary","order_by":null,"url":"\/64.2-1050\/"},{"id":375799,"section_number":"64.2-1057","catch_line":"Liquidating asset","order_by":null,"url":"\/64.2-1057\/"}],"permalink":{"id":1501027,"object_type":"law","relational_id":375809,"identifier":"64.2-1066","token":"64.2\/III\/10.1\/7\/64.2-1066","url":"\/64.2-1066\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/64.2-1066\/","token":"64.2\/III\/10.1\/7\/64.2-1066","dublin_core":{"Title":"Transfer from income to principal for depreciation","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-1066","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section, “depreciation<\/span>” means a reduction in value<\/span> due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A fiduciary<\/span> may transfer to principal<\/span> a reasonable amount of the net cash receipts from a principal<\/span> asset that is subject to depreciation<\/span>, but may not transfer any amount for depreciation<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Of the part of real property used or available for use by a beneficiary as a residence; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Under this section, to the extent the fiduciary<\/span> accounts:\n\t\t\t\ta. Under § 64.2-1057<\/a> for the asset; or

\t\t\t\tb. Under § 64.2-1050<\/a> for the business or other activity in which the asset is used. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An amount transferred to principal<\/span> under this section need not be separately held. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nTRANSFER FROM INCOME TO PRINCIPAL FOR DEPRECIATION (\u00a7 64.2-1066)\n\nA. As used in this section, “depreciation” means a reduction in\nvalue due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible\nasset having a useful life of more than one year.\n\nB. A fiduciary may transfer to principal a reasonable amount of the net cash\nreceipts from a principal asset that is subject to depreciation, but may not\ntransfer any amount for depreciation:\n\n 1. Of the part of real property used or available for use by a beneficiary as\n a residence;\n\n 2. Of tangible personal property held or made available for the personal use\n or enjoyment of a beneficiary; or\n\n 3. Under this section, to the extent the fiduciary accounts:\n \t\t\t\ta. Under § 64.2-1057 for the asset; or\t\t\t\tb. Under § 64.2-1050\n for the business or other activity in which the asset is used.\n\nC. An amount transferred to principal under this section need not be separately\nheld.\n\nHISTORY: 2022, c. 354.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}