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Get your taxes done using TurboTax
The accumulated depreciation might change (probably will change) because you're changing the allocation of your basis between land and improvements (primarily the structure).
The program will decrease the depreciable basis if the land figure is increased. Note that you could simply leave the entries as they are currently since the unrecaptured Section 1250 gain (depreciation recapture figure) will not change.
‎October 24, 2023
8:06 AM