depreciation of inherited rental property

[carolynarose77]

Inherited rental property.  On the form in TT it asks for:

COST:  I put the original cost plus 1/2 of FMV of property on date of death.

COST OF LAND:  is this the cost of the land when it was originally purchased or is it the cost of the FMV of the land on date of death.

Thank you for clarifying!!!

[PatriciaV]

The basis of property inherited from a decedent is generally one of the following.

• The FMV of the property at the date of the individual's death.
• The FMV on the alternate valuation date if the personal representative for the estate chooses to use alternate valuation. 

If you include the FMV of the land in the first box, enter that FMV in the Cost of Land box. Instead, you can report just the FMV of the rental property in the Cost box without the land.

For neither component would you use the original purchase cost.