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Investors & landlords
Thank you Carl! This makes sense for "date placed in service". After I change it to Oct 2019, depreciation period shows 30 years now.
Regarding to "date acquired", this matter to the Basis for depreciation. As I have paid capital gains to Canada for these rental properties when I become resident alien of US. I did not sell them, but just treated them as "sold" and "re-purchased" on the same day at fair market value. So I am thinking should I use the "sell" and "re-purchase" price as the Basis for depreciation? And use the date I become US tax resident as "date acquired"? I am afraid when I sell my rental property in the future, CRA and IRS will double tax me for the capital gain. :(
‎April 8, 2021
5:28 PM