Hi Guys. I'm working on my taxes and I bought a property that had 2 houses on it. it started at a rental that I purchased for $570k. I finished subdividing the property and am trying to figure out how to claim the new property as a new rental, as before I was claiming it as a single property, multifamily initially on my 2019 taxes. For my 2020, it's 2 different properties, and I want to claim them separately, claiming rents on both, I'm trying to determine how to adjust or make sense of the adjusted depreciation / initial cost into turbo tax for the 2 separated houses. Is it possible? or do I just claim the new adjusted as a new property with no initial cost?
for easy math sake, let's say property 1 new tax assessed value is at 170k, and property 2 is at 400k.
any help is appreciated. Thank you.
