My Accountant documents the "Acquisition" date as 1/15/2007.
Actually, that's the in-service date. At this point, the acquisition date is irrelevant and just doesn't matter *for* *your* specific* *purpose* *at* *this* *moment* *in* *time*. (Emphasis is for others reading this thread, because I have no doubt they'll want to throw in additional information which, while it will be correct, will not be relevant to *YOUR* specific situation.)
The Cost basis for the building is $146,775.
That's more accurately referred to as the depreciation basis. But I digress.
I have a capital improvement competed on 11/27/13 in the amount of $6,000.
What exactly is that property improvement? Fence maybe? Or something else? What is is made of? Wood? Concrete? Plastic? PVC? Something else? SOmething is screwy here, at least in my mind at the moment. So I need details to get myself out of what is most likely a self-created quagmire. 🙂
