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Deductions & credits
Enter a new asset for the portion of the rental you recently bought, then enter your placed in service date of 2024. This will allow the correct depreciation and tax treatment of the two separate pieces of the same property. When you sell, it won't really be that complicated to sell off all of the assets at the same time with the correct depreciation.
As far as expenses, you will enter your expenses for the entire property from the date you took over. Based on your information that will be starting in 2024.
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‎April 15, 2025
12:57 PM