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Investors & landlords
Remember, rental property depreciation is based on the "LESSER" of what you paid for it, or the FMV of the property on the date you placed it in service. If the property was placed in service in 2017, then while it's not impossible, I seriously doubt that it's FMV in 2017 is less than what you paid for it in a prior year.
‎June 5, 2019
11:07 PM