04-20-2021 03:30 PM
I asked him who gave him this advice because I didn't understand the reason why . He purchased the commercial property for $120,000 cash and then sold it to his wife's LLC for the $100. It is now under the wife's LLC but now how do we claim depreciation on $100? I'm not sure if he would even be able to claim it as a loss on his personal taxes. So do you think it wouldn't be right to put the original price ($120,000) instead of the $100 for the depreciation on the LLC?