Consolidator
Level 1
05-21-2020
11:56 AM
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How do I adjust the basis of a rental property?
A client began renting his personal condo in 2015. At the time, I used the lower of his cost and the FMV of the property as the basis for depreciation. In his case it was his cost. The problem is that by mistake I have been depreciating the whole amount (I didn't subtract the value of the land).
Thank you!
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