thanks for the info! A somewhat random CPA that I talked to today a few min ago pretty much mentioned all the same things.
I really never thought about this, until the place got sold and I realized that depreciation reduces the cost basis, and very significantly since I've been depreciating it for the last 18 years Since I am doing a 1031 exchange, I'm not sure how much of this matters with regards to the sale of the condo, but our other property, yeah I definitely need to fix that since the FMV went up a signficant amount.
I've never had anyone do my taxes before, it's been TurboTax for the the past 30+ years. How do I find a good one that can deal with this situation? (San Jose area).
