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Investors & landlords
You have numerous things that are wrong.
amount paid 3501 (58740-55239) Not possible. The amount paid is the "TOTAL" amount you paid for the ENTIRE property, (which includes what you paid for the land), minus the amount of total depreciation taken in prior years. Using your numbers the amount in the COST box should be $54,761.
land 51260 This is the value that will *Not* change since the very first time you put it in service.
purchase date 1/1/88 No problem here, provided it matches exactly the date you entered as the purchase/acquisition date the first time you started renting the property.
purchased new That is corrct
NO have not used 100% for business YES, you have "in fact" used it 100% for business starting from the 3/1/2020 date you placed it in service. What you used it for before that date *does* *not* *count* for anything.
used for for personal purposes before business You should "NOT" be having to make that section. Above that selection you "need" to select that it was used 100% (ONE HUNDRED PERCENT) for business.
date started for business 12/1/1990 (or new date of 3/1/2020?) The new date of 3/1/2020.
percentage of use 25% (or 100%?) ONE HUNDRED PERCENT business use, since 3/1/2020. What you used it for before 3/1/2020 just flat out doesn't count for anything.