Hello,

A client bought a property in 2007 for $300,000 and converted it to rental use in 2011.  At that latter date, the home value had declined to $250,000.  Accordingly, per IRS rules, the cost basis for the home was set at $250,000 and this value (less land cost) was depreciated.

Fast forward to 2022 -- the property was sold.  How can I adjust ProSeries to reflect the $300,000 value as the actual cost basis for sale purposes, instead of the lower $250,000 entered onto the Asset Worksheet?

Thanks in advance.