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What is Derek basis in the house that he can use

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Question - Derek inherited a summer beach house in the Hamptons from his mother. His mother originally purchased the beach house and land for $296,000. The property was appraised at $90,000 for the land and $358,190 for the house as of the date of his mother's death. When Derek received the property, the value increased to $121,780 for the land and $327,210 for the house. Since Derek doesn't currently live in the Hamptons, he decided that it would be best to put the property to use as a rental. What is Derek's basis in the house that he can use to depreciate?

Reference no: EM132601701

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