My husband and I bought a rental condo in 1991 with another couple. We plan to buy their share for $70,000. The original purchase has already been fully depreciated. Can I depreciate the $70,000 buyout? We will start reporting 100% of the income and expenses after the purchase. Will that throw up any flags?
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Yes, you can start depreciating the half you are buying.
It is the correct thing to do on your tax return, so don;t worry about red flags as it is correct.
Just have documents to show what you paid for it and when it was purchased and add it as an Asset to the rental schedule.
Yes, you can start depreciating the half you are buying.
It is the correct thing to do on your tax return, so don;t worry about red flags as it is correct.
Just have documents to show what you paid for it and when it was purchased and add it as an Asset to the rental schedule.
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