Depreciation Basis

[MAMalody]

Do I remember correctly, that the basis for depreciation for a rental that was received as a gift is the FMV or basis o fthe giftor, whichever is less?

[Jack from Ohio]

44 minutes ago, MAMalody said:

Do I remember correctly, that the basis for depreciation for a rental that was received as a gift is the FMV or basis o fthe giftor, whichever is less?

Correct

[Pacun]

Correct. If a house or building, don't forget to reduce the land.

[michaelmars]

you can add to basis any gift taxes that were paid on the gift

[MAMalody]

I remember the land but forgot about the possibility of adding any gift taxes.  Thanks all.