Thanks for responding so quickly. I will make the change as you suggested by deleting the intangible asset for the building and will add it as a commercial property as it was before the refinance. I will then add the refinance as one that is amortizable. There still remains a problem though. When we purchased the bldg, we made significant improvements the first year. The problem is that one of my initial tenants was my business which occupied one of the spaces where we made significant improvements. I did not claim any depreciation for the improvements on my personal taxes, but rather the business claimed them. Should I include these improvements in my cost basis since it is treating it as if I depreciated it? The selling price was based on the improvements. Thanks for your help!
