My father died in 2021. I inherited the house via his trust at the time of his death and lived in it for about 2 years afterward. When we moved, we decided to turn it into a rental property that will be shown on my 2024 taxes. When does depreciation start, and what would I use for cost basis for that depreciation? The FMV at the time of his death or the FMV at the time we moved out and stopped as a primary residence?
Thank you.
Depreciation begins when your rental is placed in service- when it was available for rent, and you will use the value on that date (so any improvements you may have added can be an adjustment to the basis).
See Publication 527, Residential Rental Property (Including Rental of Vacation Homes)
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