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Depreciation on inherited vehicle?

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    #1

    Depreciation on inherited vehicle?

    Client, who is a cattle farmer, inherited a 1996 Chevy pickup truck, in 2007. Along with his gas/repairs/tires/etc he wants to depreciate it. Is this allowed? Thank you in advance.
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    #2
    Sure

    Your client uses the date of death FMV or the FMV at time it was placed into service, whichever is less, for the depreciable basis.

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