Ataguding
Level 1
03-22-2020
12:46 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Taxpayer inherited a home and promptly sold the property to their sibling. Since the property was sold to a related party, any gain on the sale should be treated as ordinary income if the property can be depreciated by the party receiving it. How does one determine whether or not the property can be depreciated? Prior to death, the home was used for personal use and not rented out.