Greetings all and thank you in advance for your help.
My 3 brothers and I inherited our parent's interest in commercial rental property that is on a triple net lease.
We each inherited 12.615%.
We had an appraisal done at the date of death to determine the fair market value. I also have a copy of the property tax records.
The property was appraised at $1,290,000. The property tax records show that the market improvement value is $248,600 and the market land value is $228,200. Yes, I do know that land is not depreciated.
When entering this property on the tax return do we enter the value of the property based on our % of ownership, $162,734 and then the same with the market improvement value from the property tax records, $31,361or do we enter the full amount of each and indicate on the return that we own the 12.615%?
