BobKamman
Level 15
04-21-2021
10:02 AM
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Which suggests the question -- if the kid rents out the property, what is his basis for depreciation? $180K, or $158K? If it were a total gift, he would take the parents' basis. So maybe there is some pro-ration required? Or maybe a side agreement, the land is the gift, the building he paid for 100%.