My parents purchased residential rental condos in 1986 for $160,000. Ownership was titled as tenancy in common with each having 50% interest. The entire $160,000 was fully depreciated over 19 years. My father died in July, 2018. His estate was probated in October, 2019 and my mother inherited his 50% interest valued at $370,000 ($740,000 x 50%).
1) Going forward, can my mother now depreciate the $370,000 one-half interest that was transferred to her name?
2) Should the depreciation begin when my father died in July, 2018 or when his 50% interest was transferred to my mother in October, 2019?
Thanks,
Gary
