Limited Partnership Question


K

Kasupe

In 2003, my family formed a partnership. With an estate
planning attorney, we transferred my parents home and
investments into the partnerships name. I am preparing Form
1065 for the partnership. Now that the home is an
investment in the partnership do I depreciate the property
for tax purposes? My parents still live in the home and do
not pay any rent to the partnership. They do , however, pay
to maintain the home and all the associated expenses.

Thank you
 
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