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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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- Valuation of condo for stepped up basis
Valuation of condo for stepped up basis
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Opfor77
Level 4
03-31-2023
09:35 PM
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T&S purchased residence for $300,000. T died many years later. S wants to rent residence. At time of death, condo was valued at $1,120,000. For depreciation of a rental condo, is the $1,120,000 for the structure alone, or is there a portion of land value in there also? Not sure if land comes into account with a condo, like it does with a house.
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sjrcpa
Level 15
03-31-2023
09:41 PM
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There is generally land with a condo. Check the property assessment for a land/building ratio. Or delve into that appraisal for 1.1 million. It's probably buried in there.
Is this in a community property state? If no, you don't get a full step up.
The more I know, the more I don't know.
