I inherited a rental property that was being depreciated. It and its new floor coverings and appliances have been depreciated for 2 tax years.
I believe I must start depreciating the property itself for 27.5 years, SL, using the net FMV of the building at the date I inherited it as the basis. But what about the other assets? They were being depreciated with a useful life (for tax/depreciation purposes) of 5 years. I know how much depreciation has already been taken. Do I continue to depreciate them for 3 more years on the schedule with which they've previously been depreciated?
