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Investors & landlords
To accomplish this in TurboTax, you want to retire the assets (both house and land) as of the date of death. You can do this by indicating you converted the rental to personal use.
This will stop the calculation of depreciation as of the date you 'convert". You will then start a new rental property placed in service as of the date of death using the value from your appraisal.
Click this link for more info on Cost Basis of Rental Property After Death of Spouse.
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March 28, 2022
6:43 PM