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?

Question

Kohari Gonzalez Oneyear & Brown · Accepted Answer

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 estat For an answer applied to your exact numbers, bring this question to a licensed KGOB CPA in a focused session and leave with a clear next step.