Client received gifted rental prop

Technical topics regarding tax preparation.
#1
wccpa  
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18
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17-Dec-2021 9:42am
Location:
UT
Hello. In 2021, Client received two pieces of real property as gift. One was res rental, the other was commercial. Gift tax return filed. FMV well above adj basis. Donee (client) will take over basis of donor.

Question: Just for my clarity...depreciation recovery period does not start over...correct? If property was originally acquired in 2000, donee is in year 21 of recovery period...not year one. Thanks.
 

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