A joint tenant on the property, The IRS considered this as a gift of a 1/3 percent interest in the property. Joint tenancy is a form of property ownership that has "rights of survivorship."
Joint tenancy—sometimes called “joint tenancy with right of survivorship ”is a useful form of ownership for people who want the property to pass to the other owner without probate,
Your depreciation of your original investment is not effected.
You add your 50% of the stepped up value of the 1/3 share of the deceased value on the date of death that was divided between the two remaining owner.
Click add an asset at your renal asset summary screen.
[separate land value ,land is not depreciated]
The accumulated depreciation on the 1/3 percentage of rental property prior to the decedent's death is irrelevant.[ i.e.,the deceased part]
Once the property has been inherited, the depreciation schedule would begin based on the new 1/3 fair market value.[each must calculate the correct percentage based on the individual facts.]
