|
#2
03-08-2005, 09:56 AM
| |||
| |||
 Re: Community Propety step up in basis and resume depreciation Vernon V Chatman III wrote: - quote - > CA residents. Husband died 5/2004. Community property
Yes, I think so.> rental property steps up in basis. Some properties had > already been fully depreciated. I assume depreciation > 'restarts' at date of death based on full FMV (for all > properties, currently being depreciated and already fully > depreciated). > Is this correct? Katie in San Diego The foregoing is intended for educational purposes only and does not constitute legal or professional advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
03-08-2005, 09:37 AM
| |||
| |||
| Re: Community Propety step up in basis and resume depreciation Yes start new depreciation with new basis of FMY at DOD less ground value << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
03-08-2005, 09:37 AM
| |||
| |||
| Re: Community Propety step up in basis and resume depreciation "Vernon V Chatman III" <vvc_[at]besttaxplace.com> wrote: - quote - > CA residents. Husband died 5/2004. Community property
That's my understanding, yes. All that property is> rental property steps up in basis. Some properties had > already been fully depreciated. I assume depreciation > 'restarts' at date of death based on full FMV (for all > properties, currently being depreciated and already fully > depreciated). > Is this correct? included, however, on the estate tax return at full market value, if one is required. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
03-07-2005, 09:29 AM
| |||
| |||
| Community Propety step up in basis and resume depreciation CA residents. Husband died 5/2004. Community property rental property steps up in basis. Some properties had already been fully depreciated. I assume depreciation 'restarts' at date of death based on full FMV (for all properties, currently being depreciated and already fully depreciated). Is this correct? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| basis, community, depreciation, propety, resume, step |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Rental Basis for Depreciation Vernon V Chatman III: Property inherited by husband with FMV of $174,000 (25% is land) in 1989. 1.. This inherited property held as community property instead of... | Taxes | 2 | 12-28-2004 08:19 PM | |
| searching for "Step by Step Interactive" *training* for Money 2004 Truth_Seeker1: I am using Money 2004 and would like to purchase Microsoft Money Step by Step Interactive training. I own Office XP for Students and Teachers... | Microsoft Money | 2 | 11-06-2004 01:31 PM | |
| step-up basis for gift csj: I gave my niece $8000 worth of Microsoft stock (at market value). I bought it originally for $4000. I understand I dont need to pay capital gains... | Taxes | 7 | 11-17-2003 09:06 PM | |
| Basis step-up on inherited jointly owned property at first death? AES/newspost: My amateur understanding is that in community property states such as California, property that is jointly owned by a married couple receives a... | Taxes | 15 | 11-12-2003 04:16 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
