Inherited 80% of a rental apartment

[ryee22071]

My dad recently passed away and he owned 80% of an apartment that my brother and I will inherit. The property was fully depreciated and now when we inherit the property is it true we need to get it appraised and we will get the step-up basis of the property, and we can now depreciate the property again with the appraised value.

[M-MTax]

A stepped up basis to fair market value on the date your dad passed. A date of death appraisal is advisable and would become your basis and your brother's basis.......40% each......for depreciation which starts over for a new 27.5 year period.

I'm sorry for your loss.