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I purchased residential rental property in 2011 and rented it out until 2014, when it was converted to personal property. I then rented it out in 2019. No depreciation recapture was taken in 2014 because the property was not sold.
Assume $75K was the original cost basis. Do I resume taking depreciation expense based on the original schedule? So essentially taking the Yr. 9 depreciation rate against $75K shown in Pub. 946 assuming a 27.5 yr. life?
Or does the depreciation start again at yr. 1 based off an adjusted cost basis? (Original cost basis less accumulated depreciation but only through to 2014)?
Thanks
Assume $75K was the original cost basis. Do I resume taking depreciation expense based on the original schedule? So essentially taking the Yr. 9 depreciation rate against $75K shown in Pub. 946 assuming a 27.5 yr. life?
Or does the depreciation start again at yr. 1 based off an adjusted cost basis? (Original cost basis less accumulated depreciation but only through to 2014)?
Thanks