thank you and one last question, I originally purchased the Condo back in 2008 for $180K. That is what was reported on my Form 4562 and the depreciation was based off of that. Since I am converting it personal use, I have to get it appraised and that appraisal will be my new purchase price when I go to sell it correct? And the appraisal has to be done before any renovation takes place, correct?
And up to until July 2023, I accumulated $90K for depreciation, that $90K would be the recapture in the future? I just want keep that $90K in mind for future tax purposes.
thank you
