Thank you for this answer.
I have a similar question, could you kindly clarify?
To "Elect Out" - answer YES to Line 58, then basis of old property is depreciated over 27.5 yrs?
If answer NO to line 58, basis of old property is depreciated over 27.5 minus number of yrs prior depreciation?
I answered NO, but TT still depreciates old property basis over 27.5 years. Can you give step by step procedure to make TT do it correctly? Thanks
