Just-Lisa-Now-
Level 15
Level 15
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♥¸¸.•*¨*•♫♪
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