| | How to depreciate this rental unit.
To whom it may concern,
Since our mother passed away and we don't want to sell the property nor are any of the five of us now ready to purchase the property, we have put it up for rent. We purchased the property from Mom in the year 2000 for $1.00. (although the county assessment office lists the sale at 0) Deed Book/Page: 1493/732 Sale Date: 3/1/2000 Sale Amount: $0.00 My father built the house as the kids arrived in the 40's and 50's and never had a mortgage.
How is such a rental property depreciated?