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Ray, Lawyer
Category: Real Estate Law
Satisfied Customers: 36387
Experience:  Texas Attorney for 30 years dealing in real estate
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If a person living in OR inherits 10% of a family vacation

Customer Question

If a person living in OR inherits 10% of a family vacation home located in ID that has never been used as a rental - only family use - and then 28 years later sells his portion to another relative, do we need to claim allowable depreciation?
Submitted: 4 months ago.
Category: Real Estate Law
Customer: replied 4 months ago.
what are the implication if home is in ID and living in OR
Expert:  Ray replied 4 months ago.

Hi and welcome to JA. Ray here to help you today.

You would look at the tax value at time of inheritance and then value at time of sale.You would owe capital gains on your 10% if there was a gain in this period.There is no depreciation if you did not use it as a rental property.This would be the only taxes due here and thats only if there was a gain.It shouldn't be that much on the 10% you owned here.You can check with county tax assessor for the valuation from 28 years ago, they should be able to provide that.

I appreciate the chance to help you today.Thanks again.

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