Depreciation For Rental Property

[Daryl Byerly]

Hi everyone, 

This is more a tax question than anything. I have a  non owner occupied rental property in Florida that I acquired from a inheritance back in 2017. When doing the depreciation on my taxes for the property do I put down what  the property was worth in 2017 or what its worth today? 

Thank you for any advice .

[Linda Weygant]

Google "Step Up Basis".  Your basis for inherited property is one of the following:

1.  Valuation on date of death of the decedent

2.  Alternate six month post death date.

Don't forget land is not depreciable.  You'll have to separate out land from building in order to get the depreciation correct.