@billdayreef wrote:
In this case I have owned the property greater than 27.5 years so IRS would assume that the property
is fully depreciated.
Was it always used 100% for rental? If so, yes. Your "prior depreciation" would be the same amount as the Basis of the building.
Yes, depreciation lowers your Basis, so entering the Prior Depreciation will increase your taxable gain.
