I have a client who last year put his house in an irrevocable trust in his son's name. It is a two family house. He rents one floor. I am assuming now that he is considered a tenant. Will the basis of the house be the original appraisal that he had back in 1991? He did not have it re-appraised. I am assuming the depreciation will be reset as though it is starting from the beginning. Please advise. Thanks.