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Investors & landlords
@Retire6060 wrote:I don't understand the tax fairness in deducting from the adjusted cost basis, depreciation that was never taken on the property before its conversion......
No, it is the depreciation deductions allowed (or allowable) during the time the property was used for rental purposes, not during the time it was not used for rental purposes.
‎September 19, 2024
11:48 AM
12,011 Views