- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Tell your accountant to look at Regulation §1.168(i)-4(c).
That says conversion to personal use is treated as a disposition for purposes of depreciation (but no gain or loss is to be calculated).
Because the conversion to personal use is treated as a disposition, when you start using it for business again you need to restart the 27.5 years (using the ADJUSTED Basis).
March 16, 2021
8:33 AM