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Investors & landlords
I wanted to ask a follow-up question to this related to the 2-unit building and depreciation. Knowing that the depreciation was calculated incorrectly, how can this be corrected? The information I have is the initial purchase price, the purchase date, the date I moved out (this is when a new asset should have been created) and how much has been depreciated on the entire place so far (all depreciation has been calculated starting on the purchase date). It sounds like I may need to set up two assets: one for one unit when the building was purchased and one for the 2nd unit (starting when I moved out) but how do I account for what as already been depreciated? I actually have this same issue for other associated assets like a new roof and other improvements and I am assuming I'd treat these in a similar manner.