@Carl , @AmeliesUncle
I think I follow what you said - Using AmeliesUncle's method, for each property, I will have 3 assets for 2022, and 2 assets going forward to future years. That method has two advantages:
1. Everything under my wife, including both her original 50% and the stepped up portion, will start depreciation from this year. Whatever already depreciated in prior years will be wiped off (For her part only).
2. Since the depreciation of my wife's entire new asset starts this year, the counting of the depreciated years will be reset to 0 and continue for another 27.5 years for both her original 50% and her stepped up portion.
Is this correct? Thanks to both of you!
