What is the tax basis of rented inherited property?

May 3, 2004

Subject:  The sale of inherited property converted to rental property
From:  Janis
Date:  Fri, 23 Apr 2004

If inherited property that has been converted to rental property is eventually sold, would the tax basis of the property still be the fair market value as of the date of death?


Date:  Fri, 30 Apr 2004

Hello Janis,

Yes. The tax basis may be reduced for any depreciation claimed on the rental schedule after the death.

Good luck!
Mike Gray

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