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Investors & landlords
Okay, if he did not own it, he has nothing to do with the situation.
Repairs are not improvements. Totally different. How did you get $8000 plus $5000, when you said there were $10,000 total? Are the other $3000 "repairs"?
I suspect it would be best if you went to a tax professional, so they can actually see the entire transaction and get all of the correct and pertinent information. A tax professional would also be recommended if you were able to take depreciation but did not actually do it.
Repairs are not improvements. Totally different. How did you get $8000 plus $5000, when you said there were $10,000 total? Are the other $3000 "repairs"?
I suspect it would be best if you went to a tax professional, so they can actually see the entire transaction and get all of the correct and pertinent information. A tax professional would also be recommended if you were able to take depreciation but did not actually do it.
‎June 4, 2019
6:59 PM