I inherited my house for $1.00 and I only have a Home Equity Line of Credit no other mortgage. How do I depreciate it for home office.

[tandtresearch]

I inherited my house from my father for $1.00 deed.  I have a Home equity line of credit and no other mortgage.  How do I depreciate it in the Home Office catagory

[CherylW · Accepted solution]

For inherited property for the purpose of figuring the depreciation for the home office deduction,

The cost is the fair market value of the item on the date of death of the person you inherited it from, or the alternate valuation date (the date the executor of the deceased person's estate can choose to have the property in the estate valued).