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- Re: Adjusting rental property depreciation upon death of spouse (non community property state)
Adjusting rental property depreciation upon death of spouse (non community property state)
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Bert0611
Level 3
07-15-2022
03:24 PM
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TP solely owned a rental property in Illinois that was reported on a schedule E.
In 2019 when he learned he had cancer he added his wife to the title.
TP died in December 2021. How is the depreciation handled.
My understanding is that the spouse inherits his 50% at FMV and will use that to begin depreciating that portion. I am not exactly sure how to handle the other 50% since she did not "own" the property until 2019.
Advise would be appreciated.
TIA
Roberta
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2 Comments 2
sjrcpa
Level 15
07-15-2022
03:30 PM
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How was his wife added to the title in 2019?
As tenant by the entirety
Joint with right of survivorship
Tenant in common
Transfer on death
Something else?
The more I know, the more I don't know.
Bert0611
Level 3
07-16-2022
07:20 AM
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Don't know yet. I will find out.
