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    basis of rental property

    RSA
    Level 1
    ‎09-21-2022 01:31 PM

    If an individual who owned a rental property 50% with another individual buys out the other person at the fair market value, how do depreciate the addition to your basis?

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    2 Comments 2
    sjrcpa
    Level 15
    ‎09-21-2022 01:54 PM

    First - are the two parties related?

    If not, I would add the half as a new asset(s) and depreciate accordingly.

    The more I know, the more I don't know.
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    RSA
    Level 1
    ‎09-21-2022 02:27 PM

    They are not related. Ok thanks

    Reply






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