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Investors & landlords
It depends. If you were reporting the asset at 100% ownership on prior returns, you will need to convert that asset to personal use, then enter a new asset using half the adjusted basis. If you have not reported this asset on your return before, use half the adjusted basis (cost less accumulated depreciation) under Assets/Depreciation. This calculation functions differently than income and expenses, so you have to calculate your basis yourself.
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‎April 16, 2023
5:26 AM