Thanks for clarifying that @smarttees
What I meant is that "your" 50% is already depreciated. Nothing concerning that "starts over". But since you "never" depreciated the other 50% before, you will do so now. But you'll only depreciate the 50% you inherited from your deceased spouse.
If the house was valued at $740,000 on the date of his passing, she inherited his $370,000 share. ***BUT*** she will not depreciate the entire $370,000. That's because a portion of that inheritance is for his 50% of the land. As you know, land is never depreciated. So when this is entered in the TTX program as a newly acquired asset for the same property, it's classified as residental rental real estate and a portion of that $370,000 is allocated to the land.
If you need help with the math to figure out the amount allocated to the land, I can help with that. All I need to know is how much of her share (I presume $80,000) is presently allocated to the land in the TurboTax program. It will be same exact percentage of the $370,000 that will be allocated to the land on the newly entered asset.
$370,000 against rental income going forward. Thanks for your input.
