@Carl Thanks so much for taking the time to share your advice! It is much appreciated!
I wanted to ask a follow up question related to the original question posted related to the original owner {S1}:
Depreciation will start over for you from year one with .with 2020 being the first of 27.5 years.
| Original basis | 100,000 |
| less AC | 36,360 |
| NBV | 136,360 |
| | |
| {S1} - 50% share | 68,180 |
Since {S1} has already deprecated the asset for 10 years, is it treated as a new asset and depreciated for 27.5yrs or 17.5yrs (27.5 less 10 yrs)? I've read how you cannot extend beyond the 27.5yrs but maybe this is a different situation?
Alternatively, is it an option to just leave the same depreciation for {S1} & just let it run it's course? {S1}'s 2020 year income is so low that it makes no difference. All the allowable passive loss is lost because there is not enough income to absorb it.
Thanks again!
