inherited home i inherited a duplex which was half rental and half personal. i see on site the basis for sale is the new valuation from fmv or appraisal stepped up basis. i am selling hopefully immediately but until estate is settled i will receive some rental income from the current tenant who has a lease. what happens to the depreciation from the house that was taken by the decedent but not recaptured because of death. and if i sell relatively quickly do i pay long or short term capital gains and am i taking depreciation during the time it takes to sell. if so is that new depreciation on the inherited value.
thank you. |