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Quit claim deed of rental property
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ChiHoang
Level 4
03-20-2024
03:00 PM
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Parent who have a rental property transfer 1/2 of their ownership to a son. Is their son's cost basis of the rental property net cost after depreciation ? Will he depreciate his share of the rental property over 27.5 years or the remaining life at the time of transfer ? Thanks
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3 Comments 3
Dusty2
Level 7
03-21-2024
07:53 AM
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Yes and Yes
ChiHoang
Level 4
03-21-2024
08:14 AM
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Depreciate over 27.5 years or remaining life of the gifted share at the time of the gift ?
Dusty2
Level 7
03-21-2024
08:30 AM
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If it a residential rental 27.5 years.
