Each 1/3 owner had a basis of $40,000 ($120K Total). New appraised value on date of death is $420,000. Each owner already depreciated $30K. One owner passed away this year. How is this handled? Do I do a new calculation and start new? Do I continue the same depreciation schedule with the original $40K and do another for 50% of the deceased $100K increase? Where is this handled in TT? Also, what about improvements that are currently being depreciated, like a new roof?
