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Investors & landlords
I think your original question is about the depreciation for the second period. Is that correct?
There is some dispute for how to handle it. Some say to re-start the 27.5 year depreciation period (by entering the second/current "placed in service" date), and others say to start it off where you left off (which takes some creative work-arounds in the software).
I have vacillated back and forth for which is the proper way to go. I originally though you should start where you left off. Then I leaned towards restarting it. Recently, I found a law that said that if you sold the property and re-took the property, you should start off where you left off, which MIGHT indicate that should be the general procedure.
There is some dispute for how to handle it. Some say to re-start the 27.5 year depreciation period (by entering the second/current "placed in service" date), and others say to start it off where you left off (which takes some creative work-arounds in the software).
I have vacillated back and forth for which is the proper way to go. I originally though you should start where you left off. Then I leaned towards restarting it. Recently, I found a law that said that if you sold the property and re-took the property, you should start off where you left off, which MIGHT indicate that should be the general procedure.
‎June 5, 2019
11:07 PM
3,589 Views