Investors & landlords

Thanks for your reply.  I take it that the depreciation schedule is also continued then.

 

What boggles my mind is that the donor uses up the lifetime gift allowance exemption to do the gift.  If the scenario was a transfer upon the passing of the donor, the property would receive a step up in basis which is better for the receiver in case the property gets sold.  But I guess it's better to get the gift and have the giver be alive.