I inherited my father's house after his passing.
The accountant told me to use step-up basis from the apprisal for depreciation scheudule.
I would like to know where I can find step-up basis for my father's house.
My dad passed in October 2020. He is a resident of California.
I live in Texas. I went through a probate process to inherite my father's estate.
1. The probate court appointed an appraiser who provided the appraisal value for the house.
2. The county assessor office provided property tax form for year 2021-2022. Property tax form provided a net total value for the house.
Which value shall I use as the step-up basis on the depreciation schedule?
Your input/advise is greately appreciated!
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you've answered your own question.
The probate court appointed an appraiser who provided the appraisal value for the house.
what you have to do is split that appraised value between land - not depreciable and building - depreciable,
you've answered your own question.
The probate court appointed an appraiser who provided the appraisal value for the house.
what you have to do is split that appraised value between land - not depreciable and building - depreciable,
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