Investors & landlords

Is the property still a rental?

 

Your basis would be the fair market value of the property on the date your husband passed. When title was actually transferred to you is irrelevant for that purpose.

 

If you're still renting, then you would enter the fair market value of the structure (unit) exclusive of land and that would be your basis for depreciation. Also, the recovery period would be the standard 27.5 years for residential real estate.