Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Re: Quit claim deed of rental property
Quit claim deed of rental property
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
ChiHoang
Level 4
03-20-2024
03:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
Labels
3 Comments 3
Dusty2
Level 7
03-21-2024
07:53 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Yes and Yes
ChiHoang
Level 4
03-21-2024
08:14 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If it a residential rental 27.5 years.
