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I think you just answered. thanks for your help.
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Hi Norman2001, do I need to reduce the cost of land from this new property basis of 215926 to calculate depreciation on combined basis
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Thanks Norman2001. Although I accepted the solution, however, mortgage for old property was paid off as escrow and for new property took a loan of 207,500.
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Its not really a question from class. I am struggling to figure out the right amount. If I didn't an exchange, I will be taking a depreciation on 357500- land v...
