Thank you. More specifically.... Property was three unrelated joint tenants. I have been depreciating 1/3 of the house and 1/3 of improvements made during the past 20 years.
Therefore, I now continue with my 1/3 of the house....add a new asset for the increased value of the house divided by 2 and depreciate that increment for 27.5 years?
On the improvements, like a roof, I continue with my remaining 1/3. Is there a new asset for the roof as well? If so, is the basis the remaining amount left to be depreciated, now divided by 1/2? And does that table start new as of DOD for the next 27.5 years?
