jim5917
Level 3
06-28-2023
12:34 PM
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I have also researched Form 3115. Seems that change in accounting method is a gray area as well. This client owns the house 50% with a sibling. Previous accountant had their basis as 50% of 50%. So, TOTAL depreciable basis should be $575,000 - Client's portion is 287,500. Basis claimed on taxes is $143,750.