Ok I got it. Whatever was added as a capital improvement over the years I will add to the basis for brevity purposes.
That's the simplest way to do it. However, I do have one recommendation. If you purchased any new appliances for the condo since your initial purchase of the condo, do not include the cost of those new appliances in the cost basis of "ANY" asset, and do not depreciate them separately. If you go agasint my suggestion and depreciate appliances separately, they are depreciated over 5 years and not 27.5 years. Here's the potential blow-back if you claim the appliances as a rental asset.
Basically, they are classified as a type of "equipment". In a vast majority of states and locales within a state, any "equipment" used to generate income is subject to a state and/or local "tangibles property tax" which is assessed by the taxing authority on that equipment each and every year that equipment is in service as an income producing asset. It is most common in such a scenario that the tangible property tax you pay each and every year, will be more than any "savings" you may realize by depreciating it. But since rental property practically "always" operates at a loss on paper at tax filing time, you don't "really" feel the savings, but you "do" feel the tangible property tax you have to pay each and every year. So it's best to just leave appliances out of your taxes as a separate asset, totally and completely.
