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Rental property has new FMV due to death of joint tenant. Is the depreciation on Capital Improvements made during the years then stopped?
One joint tenant died. The rental property has a new fair market value. Capital improvements have been partially depreciated over the years. Will those schedules still continue, or do the capital improvement depreciation to date become factored into the new fair market value and thus go away? Is it just the property as a whole that begins a new 27-1/2 year depreciation schedule?
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‎June 5, 2019
11:14 PM