Just-Lisa-Now-
Level 15
12-07-2019
06:25 AM
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purchase price or fmv at the time it became a rental, whichever is lower, is supposed to be used on a rental for depreciation purposes.
Ive never had this situation, here in CA, values rarely go down! I would guess youd just replace the asset cost with the actual purchase price to get the correct basis to be computed.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Ive never had this situation, here in CA, values rarely go down! I would guess youd just replace the asset cost with the actual purchase price to get the correct basis to be computed.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪