2015 Basis and Depreciation Schedule for inherited rental property
1.Residential property put into Trust per uncle's will for my moms benefit and her complete control (end 2009)
2.Used as rental property (income for mom), Trust files 1041 and depreciation schedule each year until moms death (end 2014).
3.Trust ends with moms death. Property (per will) goes to brothers and I.
We create an LLC (beg 2015) to hold rental property.
Is the LLC basis that from Uncles death date? and/or later date of moms death?
Do we use same 2010-2014 depreciation schedule and continue it for 2015?
or does Depreciation schedule start anew for 2015 with no accumulation? with new values (FMV)?
eeesh... thanks, Brian