siblings inherit a house, and it will take them a few years to clean it up, have garage sales, etc. Siblings are busy people, so it won't happen overnight.
They will hold the house until it is cleaned up, then sell it.
Do they claim depreciation while they hold it? They are not using the house personally, unless you consider holding the contents for sale to be a personal use.
Thanks.
No depreciation unless they convert the property to rental or find some other business use for it. Storage of personal property is not a business use.
Ira Smilovitz
No depreciation unless they convert the property to rental or find some other business use for it. Storage of personal property is not a business use. ================== Agreed. Not placed in service, and assets held as investment (or inventory) are not depreciable anyway.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.