Updated almost 5 years ago on .
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Recommend tax professional in Maryland
Hey all,
Anyone know a good tax accountant in Maryland? Here is the situation.
Inherited condo in DC in 2017- FMV 480k
Rented most of 2017, 2019, 2020.
23k Reno in 2018.
Selling for 525 in December.
I just found out my cpa was continuing the depreciation from when it was originally purchased with a step up in basis, but thinks I have a huge tax bill.
I thought I started fresh in 2017 at 480k, +23k in capital, -~30k in depreciation.
I’m not sure of myself, but I’m really pretty sure I should have had a full step up in basis and don’t owe depreciation recapture from prior to inheritance.