Investors & landlords

when was the property distributed from the estate? you see, it matters who had title when you bought the property. 

for now, I'll assume title had transferred to the 4 of you before it was rented. probably a partnership return should have been filed but I'll pass on that for now.

each of you would have a basis of $630K/4 or $157.50K (after deducting the value of the land) on which depreciation should have been taken. 

then you paid your brothers 3/4 of $780/K or $585K on 9/17/2021

 

so you carry on depreciation your original 1/4 based on the $157.50 less the land value.

you would list the $585 + any closing costs and legal fees to acquire it as an addition on 9/17/2021 you would need to break out the value of the land. this would be depreciated over 27.5 years 

 

 

if my assumptions are wrong you should consult with a tax pro because things can get very messy and complicated in other situations not only for you but for your brothers as well.