@taxquestions2019 wrote:
Will I continue to use my mom's cost basis and carry over her depreciation for the remaining years as well?
Yes, everything is carried over - use the donor's adjusted basis for your depreciable basis.
@taxquestions2019 wrote:
As for my mom, will she just stop claiming this property on her tax return or is there extra step she needs to do on her tax return?
Your mom needs to indicate (in TurboTax) that she disposed of the property (in this instance, given away) to stop depreciation of the asset(s).
Further, your mom needs to file a gift tax return (Form 709) since in all likelihood the property has a fair market value in excess of the annual exclusion amount ($15,000). Although she will probably not owe any gift tax, she should consider having the return prepared by a tax professional.
See https://www.irs.gov/instructions/i709#idm140554828371904
Regardless, you and your mom might want to consult, in-person, with a tax or estate planning professional to consider options other than an outright gift of the property,
