Investors & landlords

Forget the gap.  It was taken out of service.  So your new "placed in service" date is 2019 and start the depreciation anew (30 years).

 

For the amount, you use the usual rules:  The lower of (a) Adjusted Basis or (b) the Fair Market Value when placed in service (2019).  Your Adjusted Basis is usually (1) original purchase price, plus (2) cost of any improvements, minus (3) depreciation from prior time periods.

 

When you eventually sell the property, you will need to report the sale differently than usual because of that 'gap' and the prior depreciation.

 

I think you misentered the rental furnishings because that should not be 7 years. Normally they are depreciated over 5 years, but because your rental is not in the United States, that would be over 9 years.  Be sure you classify it as rental furniture.

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