Hello,
My parents gifted me a rental property for $1. They have had this property since 2004. When entering the assets/depreciation section in turbo tax, under "placed in service" for this rental property, should I be entering the date the property was transferred to me, or should that date be when my parents acquired the property back in 2004?
For the cost, would it be the fair market value or the amount my parents paid for the property (whichever is lower) and subtract the land value from this amount?
For the land value, the city records shows the land value fluctuating from year to year. Do I enter the land value posted for the year this property was transferred to me?
thank you
