MAMalody Posted May 13, 2016 Report Share Posted May 13, 2016 Do I remember correctly, that the basis for depreciation for a rental that was received as a gift is the FMV or basis o fthe giftor, whichever is less? Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted May 13, 2016 Report Share Posted May 13, 2016 44 minutes ago, MAMalody said: Do I remember correctly, that the basis for depreciation for a rental that was received as a gift is the FMV or basis o fthe giftor, whichever is less? Correct Quote Link to comment Share on other sites More sharing options...
Pacun Posted May 13, 2016 Report Share Posted May 13, 2016 Correct. If a house or building, don't forget to reduce the land. 1 Quote Link to comment Share on other sites More sharing options...
michaelmars Posted May 13, 2016 Report Share Posted May 13, 2016 you can add to basis any gift taxes that were paid on the gift Quote Link to comment Share on other sites More sharing options...
MAMalody Posted May 15, 2016 Author Report Share Posted May 15, 2016 I remember the land but forgot about the possibility of adding any gift taxes. Thanks all. Quote Link to comment Share on other sites More sharing options...
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