PATaxlady Posted March 8, 2022 Report Share Posted March 8, 2022 My client rented a house for years and then converted it to personal and now renting again. How do I treat depreciation? Pick up where it left off with the amount left? How many years...does it start over? Thank you for any help! Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 8, 2022 Report Share Posted March 8, 2022 You pick up where you left off, BUT if the FMV of the house is now less than the original cost, you must use the lower number as basis. 1 Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 8, 2022 Report Share Posted March 8, 2022 18 minutes ago, Abby Normal said: You pick up where you left off, BUT if the FMV of the house is now less than the original cost, you must use the lower number as basis. If you made improvements, you could also have additional depreciation. 1 Quote Link to comment Share on other sites More sharing options...
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