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Updated almost 8 years ago,

User Stats

7
Posts
0
Votes
Mikaela C.
  • Investor
  • Boise, ID
0
Votes |
7
Posts

Tax basis for inherited property that's a rental

Mikaela C.
  • Investor
  • Boise, ID
Posted

My father passed away in 2008, and his will set up a testamentary trust that included the house I grew up in, in WA state. The trust stated that I would not inherit the home until July 2015 (when I turned 25). The home has been a rental property since 2011, and is still a rental property today. 

I'm trying to determine depreciation for this property for tax year 2016. I'm not sure if I am to use the FMV from the year my father died (2008), or the year the deed was officially signed over to me (2015).

Any help is greatly appreciated!

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