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Deductions & credits
Cattlerancher, thanks for response. You stated "The $7,800 moving cost SHOULD have been applied to the basis of the house along with this $28,500 renovation cost." This sounds like I will have to undo the 2015 Sec 179 deduction for the $7800 moving expense and start depreciation on 2016 return. Is this possible? Is my understanding correct? Can I use the $28500 as the basis for depreciation?
‎June 3, 2019
12:20 PM