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Investors & landlords
It's quite obvious that you don't understand how the rules work. The new basis is the LOWER of the FMV or the ADJUSTED BASIS. If TTX doesn't allow for that then that's a problem with TTX. It's absurd to enter the basis for depreciation as the "cost you paid" and show an in service date of 3/1/20 AND THEN show tens of thousands of dollars in prior depreciation.
March 26, 2021
3:26 PM