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Investors & landlords
Thank you for the information. The only thing I am still a little uncertain about is how the gifters holding period for the property (4/16/2017 - 9/1/2021) impacts me outside of calculating the depreciation they paid while they owned the property and using that to calculate my adjusted cost basis from their cost original basis.
Perhaps that's all there is to it, reducing their original cost basis by their total depreciation over that time period to determine my cost basis moving forward. If so then I think I am set.
‎April 7, 2022
9:17 AM