Re Investor
“I inherit a rental property from my parents, do I take over their old depreciation schedule or do I get to reset the basis to the current market value?”
Inheriting a rental property can bring up both the property’s tax basis and its depreciation history, and the answer often depends on how the transfer occurred, the date of death, and whether any part of the property was treated differently before the inheritance. In many cases, inherited real estate is associated with a new basis amount tied to the property’s value at the relevant time, while the prior owner’s depreciation history may still matter for certain records and later reporting. The rental use, any improvements, and whether the property was held jointly or in trust can also affect how the tax reporting is handled. Walking the details through with a CPA is the fastest way to know what truly applies here.
In your 30-minute session, the KGOB advisor handling it will:
- Read your exact situation and tell you, in plain English, what’s actually going on.
- Lay out your options and the trade-offs — no jargon, no judgment.
- Give you a clear next step you can act on, whether that’s with us or on your own.
“I successfully refinanced my investment property and pulled out cash to buy another one, is that massive cash out legally considered taxable income?”
“I regularly rent out a spare room in my house on Airbnb, how do I accurately report the income and what specific household expenses can I legally deduct?”
“I sold a rental property that I fully depreciated over the last twenty years, how exactly does depreciation recapture work and how much will it cost me?”
“I bought a duplex and live in one half while renting out the other, how do I properly split the property taxes and depreciation on my tax return?”
This page is a prompt to start a conversation, not tax or legal advice, and states no tax-law specifics as fact. A consult session does not by itself create an ongoing engagement. We do not promise specific outcomes or savings. Kohari Gonzalez Oneyear & Brown PLLC — Charlotte, NC.
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