How do I go about reducing the basis of a rental property and corresponding assets in the tax software, due to a loan modification. They are all reduced to $0.

maryinmd · ‎12-06-2019

Changing the basis to $0 on the assets is creating errors. I would assume the depreciation taken up to the date of loan modification, would remain, as it would need to be recaptured and considered in the calculation when sold.