If your Father-In-Law INHERITED the property, his basis would be the Fair Market Value on the date of death.
You can use the assessed value or ask an Appraiser or real estate professional.
Remember to separate the value of the land and the value of the building/improvements.
Land will not depreciate, the rest will.
Keep track of Depreciation (Form 4562) as this may be needed when the rental is sold.
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