Quit claim deed of the rental property

[ChiHoang]

Parent who have a rental property do a quit claim deed 50% of their ownership to their son. Is the son's cost basis net cost after depreciation for the 50% share of the rental property ? Does the son depreciate his share (net cost) over 27.5 years or the remaining life of the rental property at the time of the transfer ? Thanks 

[sjrcpa]

The son's basis is 50% of the parents' adjusted basis on the date of the gift.

Parents should file a gift tax return.

[ChiHoang]

Does the son depreciate his share (50% of the parents' adjusted cost basis) over 27.5 years or the remaining life of the rental property at the date of the gift ? Thanks

[Terry53029]

27 1/2. 

[ChiHoang]

Thank you so much