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depreciation from business to rental

tejohn02
Level 1

Client moved out of his building he owned and rented it. He is an S-corp.  How do I deal with depreciation already taken on business and move forward to making asset as rental?   Do I put the cost of of building initially minus the accumulated depreciation and start with that cost on the rental?

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TaxGuyBill
Level 15

Both business use and rental were by the S-corp?

Both business use and rental use will depreciate over 39 years?

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1 Comment 1
TaxGuyBill
Level 15

Both business use and rental were by the S-corp?

Both business use and rental use will depreciate over 39 years?

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