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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Rental depreciation basis
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Opfor77
Level 4
03-15-2023
03:47 PM
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T&S purchased residence for $300,000. T died many years later. New stepped up basis (including spouse's portion) for residence is $700,000. S wants to rent residence. Would the basis for depreciation of the rental house be the $700,000? If so, do you know a good site for reference? Thanks!
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rbynaker
Level 13
03-15-2023
04:12 PM
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Assuming the step-up was done correctly, the basis for depreciation would be the lesser of $700K or FMV (after allocating a portion to land, of course.)
See IRS Pub 551 for "Property Changed to Business or Rental Use".
