I own a property that has two structures on it. One is used as a vacation home, the other is used as a rental property. We had a cost segregation study done for 2 purposes: 1) to identify the % of original basis that is allocated to the rental property, and 2) for bonus depreciation of the rental property).
There is one mortgage on the whole property, and it is not segregated in any way.
What would be the right way to go about modeling this in Pralana online? ie, does it matter if I apply the full mortgage and payments to the rental property vs the vacation home? Also, how is bonus depreciation accounted for?
Thank you in advance!
@jeffcorn Pralana cannot model a property that is both personal property and rental property. Under the Build > Expenses menu, there are separate menu items for personal and rental property, so that's probably the best way for you to go. You will have to decide how to segregate the mortgage between the two properties, but this does allow you to specify the desired depreciation period for the rental property, along with income and expense items that are unique to the rental property.
Stuart
