In April 2021 I was gifted a rental property from my parents. My understanding is that for calculating depreciation I can continue to use the cost basis/service date/prior depreciation from previous years. But my question is what happens with the 2021 tax year specifically since I only owned the property for 9 months of the year. Do I depreciate 75% of the amount that I would have depreciated if I owned the property the entire year? And then my parents would depreciate 25% of the amount?
