- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
No, you should leave it in tact as it is. The reason is that the rental has 'relationship rules' attached which simply means that you had control before, you have control now and the property does not change it's position (cost, depreciation, date placed in service, etc). The depreciation does not change regardless of how you put it in.
- Related Persons in Tax Law (IRS Publication 925, page 22)
The date acquired does not change and the date placed in service does not change. You can rename the property and keep the date of change in your tax return notes.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 8, 2024
10:23 AM