@atxlandlord wrote:
I now own 100% of this property, but each half has it's own cost basis....
There is really no way around that as there is no way to combine them.
Although the first 50% has the same recovery period as the following 50%, they each have a different placed-in-service date and cost basis so they have to be handled separately.
Regardless, you only have to separate them for the purposes of calculating depreciation and can actually enter the total (100%) as a deduction on Schedule E - as well as 100% for all income/expenses.
