When I purchased the property from my brothers, all four of us including myself had title. Each having an even 25%. Your other assumptions are correct. In 2020 was depreciating the $630K/4. My confusion is what do I with original depreciating asset of $630K, and now I have the house I purchased for the additional $585K.
Do I just add this purchase as a new asset at the $585K + closing costs.
Thanks, just trying to wrap my head around this one. I appreciate the feedback.
