I'm the trustee on a trust which was gifted a rental property in the middle of December 2021. I have a copy of the 709 which has the donor's adjusted basis and a copy of the depreciation schedule for that property.
Is the basis for the trust, the donor's adjusted basis or the fair market value?
Do does the trust get to restart the depreciation schedule using the current building value or does it have to continue the donor's depreciation schedule.
Thank you for your help.
