ThomasM125
Expert Alumni

Investors & landlords

You would enter the date you became a citizen for the date acquired. The date placed in service would be the date it was available for rent. Use the fair market value of the property when you put it into service as the cost basis.

 

The life would be 27.5 years, that is standard for residential rental property. You should enter the fair market value of the AC unit and fence when you put the rental into service for their cost basis.

 

 

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