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.
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.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.