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Investors & landlords
THANK YOU! THANK YOU! THANK YOU!
I had totally missed the enter basis aspect since I thought the 33.3333% entered for overall property ownership was carried over from Income and Expenses to Depreciation. I made the adjustment for the building and had another eye-rolling and ear steaming period since I was close but not on target until I realized I had to do it for the HVAC and carpet too.
After putting in the basis numbers (1/3) for building, HVAC, and Carpet, my total numbers for everything - including Net loss ($24,282) now match the accountant's numbers (revised based on your HY convention depreciation fix for the carpet).
You were right at every step with your recommendations!
Have a wonderful day because you clearly made mine!
‎June 30, 2020
10:40 AM