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Deductions & credits
Coleen,
So you and Amelies Uncle say that I should take the market value of the house (less land) effective1 Apr 2020 (the date I put it back into rental service), add the cost of the new roof and new kitchen to arrive at an adjusted basis, and begin depreciating the whole anew. I should ignore any previous depreciation from 2003-2015 when it was previously a rental property -- this a completely new event for taxes now.
Check or hold?
Keith
March 16, 2021
10:09 AM