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chenschuh
Level 5
Mar 21, 2024 10:34 PM UTC
Question

Inherented rental property

Let say dad had a rental property he purchase for 80000. After years of depreciation, the basis of the house is 0. Dad died, son inherented this property with FMV 250000, and continued to rent this property. Does the son begins to depreciate the house with 250000?

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    1 reply

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    Mar 21, 2024 10:35 PM UTC

    yes, dont forget to take out the land value, you dont depreciate land.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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