How do I change the cost basis of my rental property? I previously owned 50% but now I own 100%.

[paltech7]

I entered 100% ownership but the cost basis remains the same as before. The depreciation amount also remains at 50% which I am not able to change

[MinhT1 · Accepted solution]

I assume that you have acquired the remaining 50% of  the rental property,

You would have to add another asset for the second 50% of the rental property.

This asset will have as cost basis your purchase price and will start depreciating from the date you put it in service.