I asked this question and got an answer saying that I CANNOT write it off since I do not own the house and another answer saying that the first answer is WRONG. I'm more confused than ever. Here's the question:
I rented a home from someone 2 years ago and rented it out on Airbnb. I spent money putting in a new kitchen and driveway and have not fully captured the depreciation on the renovations. I returned the home to the owner in 2021 and walked away from the business. I would like to capture the rest of my depreciation. Would I dispose of this asset as a sale with a value of $0?
