@Anonymous_
Thanks, what are the main considerations regarding whether it's good to have a low or high basis?
Also, what happens to a car used for the rental (part-time, less than 20%)? Does it need to be depreciated? Let's say the car was bought in 2007 for $3K.
@brpritt wrote:
Your depreciation starts on the day you started making the improvements.
@brp I thought it would be since the day it's put in service, like @Anonymous_ mentioned.
Thank you both for your help!
