We placed a property for short term rental use and have been depreciating it. We have a situation, where we can no longer run it as business but place it as long term rental
For the duration of Business :
Depreciate the property as we use. It was placed in service with costs basis of say 10000$
Close it out as a personal use property (how?).
Total depreciation so far assume (10000$)
For long term rental (schedule E):
How do I depreciate the property now?
Basically do we restart the cost basis (10000$). Or the new cost basis will be Original cost basis minus te depreciated amount i.e. (90000$). Or something else?
I do have to do this anyways, for 2021 as it will continue as long term rental
