- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
there may be an alternate election,
TurboTax can't handle that. What you have to do when you place the property back in service, is treat it as a new rental. You reduce your cost basis on the structure only, by the amount of depreciation taken in prior years when it was classified as a rental. Then using that new cost basis you start depreciation over again for the next 27.5 years.
‎December 9, 2020
5:17 PM