Hi, I rented our primary residence out from 2015 - June 2017 while overseas. Moved back in as primary residence in June 2017. Then, in July 2021 moved out and rented it back out. Thus, how do I handle the back and forth in 2021 taxes?
Based on a previous discussion - my understanding is that I start this latest rental period as a new period/asset with the caveat that I have to adjust my cost basis down to account for the previous depreciation claimed in 2015-2017.
So, in 2021 tax return I should do [building purchase] - [previous years depreciation] = [starting cost basis for new rental period] and start the 27.5 years over.
Is this correct?