Depreciation on live/work building
Hello - we bought a live/work building in 2020. It’s a dance studio with a tiny apartment. For 2020 and 2021, we depreciated the building as 75% commercial dance studio and 25% residential rental property, as I paid rent to our company to live in the apartment. Starting in June 2022, I am no longer paying rent to the company in exchange for handling our rental business. I am not sure how to handle this in terms of a depreciation schedule starting June 2022. Do I need to dispose of the rental property asset, and place a new asset into derive, in order to claim depreciation on all 12 months for the apartment portion?
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