sjrcpa
Level 15
09-29-2021
09:45 AM
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I am skeptical that this is really a rental property. Why wasn't it rented for 5 years? What efforts were made to rent it?
If it is a rental property, you have to use the larger of allowed or allowable depreciation. In the year of sale there is a change in accounting method procedure to "catch up" on the missed depreciation. Form 3115.
The more I know the more I don’t know.