Basis

[RNuse09]

Hello,

Just asking for opinions. I have a client that is nure sure of his basis in some of his assets. One is a rental property depreciated S/L for 27.5 years. Looking at old returns the depreciation that the old preparer was taking on this was different in some years. I am assuming he was adding things to the basis. I took a very conservative stance for the basis and then depreciated it over 27.5 years. Was this the correct thing to do?

[Burke]

That's all you can do unless the taxpayer can provide documentation for improvements. (Which he should have kept, by the way).

[dsi]

Coudn't one trace the original cost and most of the improvements by working the the County Assessors office? Providing of course that all the proper permits were taken out when the improvements were made.