My parents purchased their home in 1994. My dad passed in 2004. She converted the house to a rental property in 2024. What is her basis for depreciation? It's worth more now than when they acquired it, so is it what they paid for it in 1994 or 50% of what they paid for it in 1994 plus 50% of its value in 2004 (reflecting a stepped up basis as a result of my dad's death)?
