Investors & landlords

Great - I appreciate your help @AmyC 

 

1. Okay thanks I will make sure to keep the tax returns now that I know. I thought it was only for 7 years. I hopefully have the older ones somewhere on an old computer.

 

2. Thank you - Yes, we are communal property state here in California. We jointly owed it, actually it was in our family trust name that was in both of our names. It was always a rental, and we bought in 1991 I think but I would have to investigate an exact date. In 2018 when he passed away I was advised to do a step-up in basis to the current value, which we worked with local realtors on. My understanding was that the new stepped-up basis basically started over on the asset and I could remove the other items that had already depreciated. There was however some depreciation on the asset in the prior year 2017 as I can see from the tax return there was depreciation expense of $761, so the asset was not yet 100% depreciated, and assuming then under the 27.5 year life. 

 

3 and 4. Okay great to know that, thank you