I own US rental, owned prior to moving to CA. When reporting for CA tax purposes, Should original house cost basis be the starting point to calculate depreciation?
I own US rental, owned prior to moving to CA. When reporting for CA tax purposes, Should original house cost basis be the starting point to calculate depreciation?
You had a deemed disposition of property at FMV from personal use to rental when you started renting it. This is your Cost basis for depreciation on Canadian tax return.
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