Generally ,If you hold the gift as business property, your basis for figuring any depreciation, depletion, or amortization deduction is the same as the donor's adjusted basis plus or minus any required adjustments to basis while you hold the property.
Section 1015(a). This section states, in pertinent part, that for property acquired by gift, "the basis shall be the same as it would be in the hands of the donor...except that if such basis is greater than the fair market value of the property at the time of the gift, then for the purpose of determining loss the basis shall be such fair market value."
When and if you sell later:[any gift of depreciated property will trigger the so-called dual basis rules ]
you must know three amounts:
The adjusted cost basis to the donor just before the donor made the gift to you.
The fair market value (FMV) at the time the donor made the gift.
The amount of any gift tax paid on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
In Turbotax you will need to know the donor's basis they used for deprecation and date placed in service and use those number [hopefully they correctly separate land value ,land is not depreciated]
