Hello
I bought a two family home 13 years ago 50/50 with in-law. Over a year ago a bought out his part of ownership and refinanced to pay him his share. I started renting the other apartment in the home sometime last year. I need to know how do I calculate the depreciation? Is it based on original cost basis and closing costs and starting from the time of rental (last year) for 27.5 years or based on the refinanced amount when I owned full ownership last year or so for the next 27.5 years?
