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chenschuh
Level 3
03-21-2024
05:34 PM
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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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Just-Lisa-Now-
Level 15
03-21-2024
05:35 PM
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yes, dont forget to take out the land value, you dont depreciate land.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
