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Business & farm
Pub 544 offers information for property purchased from a related party. Your basis in the house is the same and you must subtract all depreciation taken to establish your LLC basis.
The house is a new asset to the LLC so it will depreciate this new basis over the full 27.5 years of the rental property's useful life.
Reference: Publication 946 (2023), How To Depreciate Property - IRS
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‎February 28, 2024
2:19 PM