According to the IRS,
property placed in service and disposed of in same year cannot be
depreciated. If a house is bought,
rented, and then gifted to a child for use as a personal residence all in the same
year, would depreciation still be taken by the parent who gave the home away? Or would depreciation not be taken because the
gift would be considered a disposal and fall under rental property placed in
service and disposed of in same year rule?
