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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?

 
1 Reply
pk
Level 14
Level 14

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 ?

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