jhb333
New Member

What is the basis for rental property depreciation when ownership is acquired via foreclosure on a private mortgage.

We were the holders of a private mortgage.  Due to non-payment, we were forced to foreclose and thru that process ownership of the property was transferred to us.  We have now turned this property into a rental property.  Can we depreciate this rental property and, if so, how do we determine the basis for the depreciation?