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Residential or Commercial Property

Residential Rental Property

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In July of 2005 my client bought a building that was classified as a residential rental and depreciation commenced at a life of 27.5 years. In January of 2015 a restaurant was established as an S Corp on the street level of the building. The square footage of the restaurant was approximately 45% or the total square footage of the building and my client kept his personal residence above the restaurant utilizing the balance of the square footage . Can or does the building need to be converted to a "commercial rental property" and if so what basis is used for the conversion?

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