Topic Thread

  • 1.  Real Estate

    Posted 6 days ago
    ​​A real estate partnership has a commercial building that was partially depreciated.  Now the partnership tears down the building and builds a new building.  What do you do with the basis of the old building?
    Do you deduct it as an expense? Do you add the basis to the land or do you add the basis to the new building?
    Any advise would be greatly appreciated.

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    Joseph Schnitzer
    CPA
    JOSEPH SCHNITZER, CPA PC
    Woodmere NY
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