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Get your taxes done using TurboTax
Well you had to establish a cost basis for the rental half of the property in order to get the depreciation calculation started up properly. Presumable the residence basis is the remainder.
So, simple example: You bought the duplex for $400,000 and immediately rented out one of the units, logically you'd allocate $200,000 to the rental and the remainder for the residence would be $200,000.
So, simple example: You bought the duplex for $400,000 and immediately rented out one of the units, logically you'd allocate $200,000 to the rental and the remainder for the residence would be $200,000.
‎June 4, 2019
12:20 PM