Inherited Rental Property - Cost Basis

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mcshade725
Posts: 37
Joined: Fri Nov 04, 2011 2:37 pm
Location: State pf Northern Virginia

Inherited Rental Property - Cost Basis

Post by mcshade725 »

What it the cost basis for inherited rental property?
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: Inherited Rental Property - Cost Basis

Post by sscritic »

Probably the same as any other inherited property:
If a federal estate tax return does not have to be filed, your basis in the inherited property is its appraised value at the date of death for state inheritance or transmission taxes.
http://www.irs.gov/publications/p551/ar ... 1000257012
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