A tag team has been extremely helpful in guiding me through the accounting complexity with respect to classifying depreciable assets.
My daughter has completed an $80,000 renovation to a rental apartment that she owns. How does one go about in the Premier version of TT in adjusting the basis of her property in order to reflect the increased depreciation expense that will be incurred, using a 27.5-year depreciation life for this investment? The property has been included under Schedule E in past years.
