Depreciation After Transfer To LLC.
I am looking at forming an LLC with a seller, transferring his property ownership to the LLC, refinancing said property, and using the money from refinancing to buy out his interest/ownership in the LLC. (Sounds like a hassle, but I found a good LTV rifi, and I get to use his credit to help me qualify.) The question is....when the property is transferred to the LLC, can we start a new depreciation schedule, or must I continue using the one he has been using?
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