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I got married last year and my wife was living in a condo she owns in Michigan and has since moved to my condo in New York. As of April of last year she is renting the condo to a friend of hers.
I’ve briefly seen a couple posts here (and tried to do a small amount of Google searching) that talk about some things we need to be doing (or should have already done) with regards to this condo.
The biggest thing I’m really confused about is the whole depreciation aspect and what types of things we need to do for record-keeping for when she eventually sells the condo (the hope is that in a couple years her friend will be able to buy it from her).

She’s renting the condo for a loss (as in, we’re taking in only about half of what the mortgage/condo fees are) so I know we don’t need to worry about recording rental income. And sadly, from my understanding we can’t even deduct the rental loss because our combined income is over $150k. :(

So my main inquiry to you guys is what stuff do we need to do right now? From what I’ve read, it appears we need to hire an Appraiser to get an appraisal done on the condo (yes we’re a year late at this point) to obtain what the value is of it at the time it was converted from a home to a rental? Is that correct?
She bought it back in April 2007. And moved out of it end of Feb 2013, but only officially was rented as of April 1st, 2013.
Is there any other record-keeping stuff we need to do right now?

Appreciate all the help you guys could give us about this regarding all the important tax stuffs.

Confused New Rental Property Owner by Marriage :)
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