Please correct me if I am wrong. Thanks again!
That's pretty much it. Isn't it wonderful when everything just "clicks"? 🙂
However, I noted something that @AmeliesUncle pointed out about how you'll end up with three entries in the assets/depreciation section. Doing it the way he says (which is actually more correct) you'll still end up with only two entries per property in the assets/depreciation section.
After thinking about it and looking at a few IRS "tax topics" (can't find the actual publication), his way is the better and more correct way. But if you'll end up selling the property before the original asset entry for each property is fully depreciated, it won't make "that much" of a difference. Still, I would do it his way. If you need details on that, just let us know. I'll do my best to explain and clarify things in plain English as best I can.
