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Investors & landlords
If I copy over the schedule, it continues for the full year's worth of depreciation even though I was gifted it within the year
When you receive a rental property as a gift, you also get as a gift, all the prior year's depreciation, as well as all the passive activity carry over losses (if any) from the giver. Your depreciation history will be identical to that of the giver. Therefore, your "in service" date will be identical to that of the giver.
March 23, 2022
8:43 PM