What type of property and are you still treating it as business or rental?
Each section of the program, Self Employed or Premier, has an asset section. You would enter the building there. When you put the basis of the building, the program will calculate the prior deprecation and ask you if it is correct. You can make adjustments.
If you continue this as a business property, yes, you will continue depreciation.
Any gift of depreciated property will trigger the so-called dual basis rules under Section 1015(a).
Section 1015(a). This section states, in pertinent part, that for property acquired by gift, "the basis shall be the same as it would be in the hands of the donor...except that if such basis is greater than the fair market value of the property at the time of the gift, then for the purpose of determining loss the basis shall be such fair market value."
