MarkM Posted April 11, 2016 Report Share Posted April 11, 2016 Clients lived in prinicpal residence and claimed a home office deduction for about 10 years.They moved out of the house but still own it and converted it to a FT rental. I know the adjusted cost basis carries over to the rental but does the holding period? Or do we start a new 27.5 year holding period for the rental? Quote Link to comment Share on other sites More sharing options...
MarkM Posted April 11, 2016 Author Report Share Posted April 11, 2016 Never mind - I answered my own question. 1 Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 11, 2016 Report Share Posted April 11, 2016 Yes you start with 27.5 and depreciate the whole enchiladala. Quote Link to comment Share on other sites More sharing options...
RitaB Posted April 11, 2016 Report Share Posted April 11, 2016 40 minutes ago, Pacun said: Yes you start with 27.5 and depreciate the whole enchiladala. Well, if by enchiladala you mean adjusted basis after accounting for what has already been depreciated. Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 11, 2016 Report Share Posted April 11, 2016 Correct, I meant the part they were living in and the office minus land and depreciation taken or takable. (Allowed or allowable). Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 11, 2016 Report Share Posted April 11, 2016 Oh, like "taken or takeable" much better! I think I'll use that phrase with my clients now. I know it's the phrase that will be in my head. Thank you, Pacun. 1 Quote Link to comment Share on other sites More sharing options...
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