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Investors & landlords
Thank you @DaveF1006 for the quick response!
Just want to clarify that this was a rent-back agreement where we honored the pre-existing rental for 50 days.
After reading the following IRS publication, I don't think rent-back agreement's qualify for depreciation.
https://www.irs.gov/taxtopics/tc704
I also looked at this thread and probably will treat it as a cost-basis adjustment (kick the can down the road to when I sell the place).
‎April 11, 2023
10:31 AM