Thank you for your response. I might need to do some research on this one... previously I asked this question and received this answer:
Level 15
September 5, 2021 11:45 AM
@CaddyGrn wrote:
...So does that mean we would have another 27.5 years to depreciate the building even if the cost basis is reduced?
Yes. When you take residential rental real estate out of service and then place it in back in service, your recovery period (27.5 years) starts over.
Of course, generally, your basis for depreciation will be reduced.
I will see if I can find an actual IRS document that clarifies this.
