What is the tax basis of rented inherited property?
May 3, 2004
Subject: The sale of inherited property converted to rental property
Date: Fri, 23 Apr 2004
If inherited property that has been converted to rental property is eventually sold, would the tax basis of the property still be the fair market value as of the date of death?
Date: Fri, 30 Apr 2004
Yes. The tax basis may be reduced for any depreciation claimed on the rental schedule after the death.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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