sjrcpa
Level 15
04-20-2021
05:26 PM
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You're not getting this.
No loss allowed for husband.
Wife's basis = husband's basis (maybe plus the $100).
You can only depreciate the building and improvements; not the land.
You can only depreciate if used in a trade or business. You haven't mentioned what use will be made of the property.
The more I know the more I don’t know.