Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-30-2016, 08:54 PM
Junior Member
Join Date: Feb 2015
Posts: 2
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

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Incorrect Basis Used for Rental Depreciation Golddust1957 Depreciation 3 11-10-2014 06:02 PM
Depreciation Basis - Orig price or FMV at time converted to rental? shoe Rental Real-Estate 5 04-08-2014 06:04 PM
Converting inherited property into rental - deductions before in-service date? sandman87 Rental Real-Estate 1 04-01-2014 01:11 AM
Inherited Property used as a rental and then sold. Skimes44 Rental Real-Estate 1 03-27-2013 08:34 PM
Rental Property Cost Basis and Depreciation Courtley Rental Real-Estate 0 02-27-2011 01:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning