Should I be depreciating rental property that I don't have any expenses, taxes owed, and was not being depreciated before I inherited it? This software is forcing this.

[MichaelL1 · Accepted solution]

If it is being held out for rent it needs to be deprecated.

Your cost of it is the FMV at date of death, and this is the starting point for the depreciation.

When you someday sell the property, IRS will compute the gain on depreciation allowed or allowable, which means they will determine the gain even if you did not claim the depreciation you should have claimed.

[MichaelL1]

If I did not fully answer the question, please give me some additional details so I can help.

[MichaelL1]

I am assuming this is a rental otherwise it would not be entered in the Rental section of TurboTax.

[rehammerandnails]

thank you i have found the answer i was looking for