debit cancel on mortgage on rent property will affect the depreciation - basis? how?
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John Dundon, II EA
You are required to reduce attributes in capital accounts in rank order by the amount of canceled debt via IRS Form 982. I've blogged more about it nere -> www.johnrdundon.com/irs-form-982-reducing-tax-attributes-of-depreciable-property-for-cancelled-debt/
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389 weeks ago