Deductions & credits


@walkerkc2 wrote:

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.


 

 

NOT the Market Value, the Adjusted Basis (unless the Market Value is less than the Adjusted Basis).