My parents transferred a rental property thru a quitclaim deed to me at $0 last year so no money was exchanged.
So on my parents taxes, would this be listed as being sold for $0 or what?
After I acquired the property I was able to flip the property 3 months later. If I'm not mistaken, coz it was thru a quitclaim deed, I inherit the cost basis or whatever, right?
Do I inherit the renovation/improvements costs and stuff done like new roof & new Central AC system and new tile flooring done on property years ago that added to the basis before I acquired it go on my taxes or my parents' taxes?
And stuff like that, new roof, new central AC system, new tile flooring, etc.... is it possible to depreciate that on my taxes, so the start date would be when it was under my name or the original date when it was under their name... apparently my parents never depreciated that stuff. Or when I acquired the property, it's the property as a whole and individual parts like roof, flooring, ac can't be claimed separately for me.
I read up on Section 179 deduction, and am still kinda confused, is that something I can claim or not since got rid of the property so quickly?
If I or my parents claim it then does the central AC system go under appliances for "Rental property appliances, carpet, furnishings" or as equipment under "Tools, Machinery, Equipment, Furniture"?
