ChiHoang
Level 4
03-20-2024
05:55 PM
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Parent who have a rental property do a quit claim deed 50% of their ownership to their son. Is the son's cost basis net cost after depreciation for the 50% share of the rental property ? Does the son depreciate his share (net cost) over 27.5 years or the remaining life of the rental property at the time of the transfer ? Thanks
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ChiHoang
Level 4
03-21-2024
06:53 AM
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Does the son depreciate his share (50% of the parents' adjusted cost basis) over 27.5 years or the remaining life of the rental property at the date of the gift ? Thanks
Terry53029
Level 14
03-21-2024
08:55 AM
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27 1/2.