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basis of rental property

RSA
Level 1

If an individual who owned a rental property 50% with another individual buys out the other person at the fair market value, how do depreciate the addition to your basis?

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2 Comments 2
sjrcpa
Level 15

First - are the two parties related?

If not, I would add the half as a new asset(s) and depreciate accordingly.


Ex-AllStar
RSA
Level 1

They are not related. Ok thanks