bellbusinessllc
Level 1
12-06-2019
05:49 PM
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50/50 partnership and then wean parents from the LLC. Would that help with taxes and then to restart depreciation process? Parents will hold mortgage and property will be transferred for cost.
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TaxGuyBill
Level 15
12-06-2019
05:49 PM
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If the number of years of the depreciation Recovery Period has ended, in most cases that means the property's depreciable Basis is $0.
Even if the number of years for depreciation were to start anew (I am almost positive it does not for a Partnership), the depreciation would be based on the Basis, which is likely $0.
IRonMaN
Level 15
12-06-2019
05:49 PM
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You are correct, oh great smiley guy. If there is no basis left there is not going to be any basis created by dumping the property into a partnership.
Slava Ukraini!
Slava Ukraini!
Marc-TaxMan
Level 8
12-06-2019
05:49 PM
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Gift (to anyone) has a carryover of Donor's basis, zero
