@chrissim2 wrote:
Does IRS require recapture tax on fully depreciated improvements???
There will likely be "recapture" on the accumulated depreciation deductions that were allowed (or allowable) since the date of death. If the improvements were fully depreciated prior to death, the depreciation allowed (or allowable) would disappear at that time as they would have been stepped up to their FMV.
@chrissim2 wrote:
.....should the depreciation have started over on the FMV of $490,000? =
That is the short story, yes, it should have started over at the FMV.
