Thanks George! I understand the basis of property. For loan cost, it was my mistake on the wording. Correct, I don't depreciate loan. I should amortize the loan cost over the life of loan right? My issue is the property was purchased back in 2014 by financing. 70% of loan cost was placed in service in the year of purchase and amortized over 30 years. When the property was converted to full rental in 2019, do I still amortize 30% of loan cost over 30 years?
