What this means
Understand the starting amount used to calculate depreciation and which records support it.
What to gather
- Property-specific dates and amounts
- Receipts, invoices, closing documents or other available support
- Notes explaining estimates or overrides
How PDP uses it
PDP organizes the information into a property documentation package and identifies items that require confirmation or professional review.
Professional review
Classification and tax treatment depend on the facts and applicable law. Review the completed package with your CPA or Tax Preparer before filing.
Editorial status: starter draft. Add current IRS primary-source references and professional review before publishing.