Question
Valuation of condo for stepped up basis
T&S purchased residence for $300,000. T died many years later. S wants to rent residence. At time of death, condo was valued at $1,120,000. For depreciation of a rental condo, is the $1,120,000 for the structure alone, or is there a portion of land value in there also? Not sure if land comes into account with a condo, like it does with a house.
