Depreciation in a Partnership.
I have a partnership that owns a rental property. My trust has owned half of it for several years. I bought out the other half as an individual from my partner last year. So my trust owns half, and I own half.
Since I bought out half the partnership which just happens to own the property does my adjusted basis change to the amount I just paid for the "new" half?
If it does have a new basis is it acceptable to depreciate the first half as usual and the second half according to the new basis.
Thank you!