TurboTax will handle depreciation for your Rental Property for you. See this post for instructions: How do I add my Rental Assets?Ifyou inherited a home, the cost basis will depend on when you inherited it andthe choices made by the executor of the estate. The basis ofproperty inherited from a decedent is generally one of the following.The Fair Market Value (FMV) of the property at the date of theindividual's death.The FMV on the alternate valuation date ifthe personal representative for the estate chooses to use alternate valuation.For information on the alternate valuation date, see the Instructions for Form706.The value under the special-use valuationmethod for real property used in farming or a closely held business if chosenfor estate tax purposes. This method is discussed later.The decedent's adjusted basis in land to theextent of the value excluded from the decedent's taxable estate as a qualifiedconservation easement. For information on a qualified conservation easement,see the Instructions for Form 706.If a federal estatetax return does not have to be filed, your basis in the inherited property isits appraised value at the date of death for state inheritance or transmissiontaxes.Additional Information: IRS Pub 527 "Residential Rental Property" Where do I enter income and expenses from a rental property? What kinds of rental property expenses can I deduct? How do I handle capital improvements and depreciation for my rental?

Solved

Inherited property and rent rooms, how do I start the 27.5 years depreciation via Turbo Tax Home business? And how do I figure out its value?

Forum|Forum|7 years ago
June 4, 2019
1 reply
0 views

thanks

TurboTax Premier Windows

Best answer by PatriciaV

TurboTax will handle depreciation for your Rental Property for you. See this post for instructions: How do I add my Rental Assets?

If you inherited a home, the cost basis will depend on when you inherited it and the choices made by the executor of the estate. The basis of property inherited from a decedent is generally one of the following.

The Fair Market Value (FMV) of the property at the date of the individual's death.
The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. For information on the alternate valuation date, see the Instructions for Form 706.
The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. This method is discussed later.
The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. For information on a qualified conservation easement, see the Instructions for Form 706.

If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes.

Additional Information:

PatriciaVAnswer

Employee

TurboTax will handle depreciation for your Rental Property for you. See this post for instructions: How do I add my Rental Assets?

If you inherited a home, the cost basis will depend on when you inherited it and the choices made by the executor of the estate. The basis of property inherited from a decedent is generally one of the following.

The Fair Market Value (FMV) of the property at the date of the individual's death.
The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. For information on the alternate valuation date, see the Instructions for Form 706.
The value under the special-use valuation method for real property used in farming or a closely held business if chosen for estate tax purposes. This method is discussed later.
The decedent's adjusted basis in land to the extent of the value excluded from the decedent's taxable estate as a qualified conservation easement. For information on a qualified conservation easement, see the Instructions for Form 706.

If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes.

Additional Information:

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"