Inherited property/mortgage with 3 other siblings (4 of us) and bought them out same year. I'm now renting out the property but can't figure out the cost basis. Home was appraised @ 155k, payoff 129,603 and I bought out each sibling for 5k each.
@rpctmc wrote:
Home was appraised @ 155k, payoff 129,603 and I bought out each sibling for 5k each.
Was this a date-of-death appraisal? If so, you would most likely use that as your initial cost basis and then add the total you paid your siblings (presumably $15,000) in order to arrive at your basis for depreciation.
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