jasonrust
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Correct, we have been reporting the percentage on a schedule E. Thanks for the advice - I'll look further into getting a professional and/or establishing a 1065...
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@CarlWe co-own it as business partners, not as a LLC, and so each file the rental expenses/income via Schedule E rather than a 1065 and K-1.
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Also, should I check the box that says "I sold or disposed of this property in 2021" or just delete the asset?
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Thanks, that's very helpful. I looked at the link you included and one thing I want to confirm that the depreciation taken thus far should be added to the cost ...
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- Posted Re: How does change in ownership percentage affect depreciation? on Investors & landlords. March 19, 2022 10:51 AM
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- Posted Depreciation of an improvement that changed ownership percentage on a joint-owned rental property on Investors & landlords. March 10, 2022 3:26 PM