Okay, so my understanding is that, yes, I should be able to fully depreciate the value of the property (less value of the land) at the time of acquisition - it was inherited and I got an appraisal at that time. AND, I should be able to fully depreciate the cost of the renovation I completed prior to putting the property into service. Correct?
The only/best way to do this in TT Premier is to enter the renovation costs as a SEPERATE real property asset with 100% of the renovation cost assigned to "improvements" (i.e. buildings) and %0 assigned to land. Is this correct? This seems pretty messed up! I would think my situation is pretty common and TT should include a proper method to enter these figures.
