dascpa
Level 11
08-03-2020
06:33 AM
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Am I correct?
T/p died, rental property, bldg cost $10, FMV $100.
On a 1040 Sch E take depr on cost ($10) to date of death. On 1041 start new depr at FMV ($100) and depreciate over full life (not life left). But if on a 1065 with a 754 election and one partner died allocate depr on cost basis ($10) across the board and then depreciate $90 step up over full life for deceased partner only?
Both depreciate $100 but 1065 uses part cost and life and step up at FMV difference and full life.
Two different lives on the cost basis portion between Sch E and 1065???
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