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wchang56
Level 1

I have a transferred real estate property and used as rental property. Is the cost basis for depreciation the original purchased price or the market value at xfer?

 
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ColeenD3
Expert Alumni

I have a transferred real estate property and used as rental property. Is the cost basis for depreciation the original purchased price or the market value at xfer?

When you say transferred, does that mean that you converted your personal home to rental property? If so, your basis is the lower of the Adjusted Basis or Fair Market Value on the conversion date.

 

@wchang56

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1 Reply
ColeenD3
Expert Alumni

I have a transferred real estate property and used as rental property. Is the cost basis for depreciation the original purchased price or the market value at xfer?

When you say transferred, does that mean that you converted your personal home to rental property? If so, your basis is the lower of the Adjusted Basis or Fair Market Value on the conversion date.

 

@wchang56

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