TaxGuyBill
Level 15
05-10-2020
06:53 PM
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@grnize wrote:Do I continue the old depreciation schedule?
No, you start it anew using the 2019 "placed in service" date. Use the lower of (1) Adjusted Basis (including adding the improvement and subtracting the prior depreciation) or (2) the Fair Market Value when it was re-converted to a rental.