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Investors & landlords
Not necessarily. One way to look at it is the depreciation is simply recaptured by the heirs not by the IRS upon death.
The property receives a stepped up basis to the fair market value on the date of death. Depreciation would then begin again on that new basis going forward. In effect it is a new property.
As Diane states the heirs would not be responsible for paying the IRS for any prior depreciation.
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‎April 15, 2021
12:28 PM
4,347 Views