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Investors & landlords
Thank you for your response. You indicate that the adjusted basis would be reduced by depreciation that otherwise would have been taken if the property had been a rental from the outset. With a 27.5-year life used for depreciation, if the home was owned for 13.75 years, depreciation of 50% of the cost basis would need to be deducted from the adjusted cost basis. Is that what you are saying?
‎September 19, 2024
7:44 AM