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Was gifted the family business and with it heavy equipment w/FMV of $200k that were fully depreciated on my fathers return.Can I depreciate them on my tax return now?
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posted
June 4, 2019
4:31 PM
last updated
June 04, 2019
4:31 PM
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Was gifted the family business and with it heavy equipment w/FMV of $200k that were fully depreciated on my fathers return.Can I depreciate them on my tax return now?
No -- a gifted item goes forward with the donor's basis at the time of gifting.
What type of entity is it -- partnership, sole proprietor, C-corp or what ?
June 4, 2019
4:31 PM
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