If you purchased a property for personal use and now you convert it into rental property or for business use,
Your depreciation starts from the moment you get the property converted it to business use and got it ready to rent
How do I calculate adjusted basis for rental property?
The adjusted basis is = the original purchase price – the cost of the land – casualty and theft losses deduction taken + any improvements cost to get it ready to rent
Find the fair market value of a rental property
You could either use an inspector to assess the fair market value when the property was ready for rent
What is the basis for depreciation on rental property?
The basis for depreciation on a rental property is the lesser of its adjusted basis and its fair market value at the time of conversion from personal use to business use or for rental.
Keep in mind that any deduction or deprecation taken and entitled to take but not taken should be deducted from the basis as well.
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How do You Depreciate a Business Asset
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