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Bought over 50% of rental property from my friend in 2019. How should I handle this acquisition ?
In 2010, I bought a rental property with a friend with each of us having 50% ownership.
In 2019, I bought over this 50% from my friend, making me 100% owner of this property.
For 2019 I added this newly acquired 50% into the property depreciation report.
From 2010 to 2018, the original property depreciation is reported at 50%.
In 2011, we performed remodelling and depreciation report is at 50%.
How should I handle this from 2019 onwards ?
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‎August 25, 2023
9:26 AM