@Jewelwing wrote:
.......we have been taking depreciation on the property since 2016....
What did you use for your depreciable basis (considering you do not know your original construction costs plus improvements nor the fair market value on the date of conversion)?
Taking depreciation deductions each tax year since 2016 is a good thing (very good) but, hopefully, the depreciable basis that was used is realistic in some sense.
As a side note, it is most likely less than relevant at this point since the total (accumulated) depreciation deductions will be recaptured with the sale of the property.
