I took over a rental property of my fathers at the first of 2009. We transferred title to me with a smal transaction fee at the local county court house. Can I establish a cost basis for this rental to depreciate the property?
I've already tried...
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Paul Thode has many years of experience preparing taxes. In addiion he has many years of accounting experience, ranging from Assistant Controller to Chief Financial Officer of a publicly traded company. He has a Bachelors in Managerial Economics from the University of California, Berkeley. He has a Master's in Accounting from Golden Gate University. He has an MBA in Finance from Golden Gate University. View Profile
Your cost basis is the lower of the fair market value on the date of transfer or your father's basis in the property.
Paul
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