This is the way it works: Bought for 400k, 120k land, 280k impro
When it is inherited, value is 1400k, land 400k, improvement 1000k. Accumulated depreciation up to this point is 280k, so still 720k available to depreciate.
Inheritance tax is based on the current market value and has nothing to do with depreciation.
Inheritance tax is based on the current market value and has nothing to do with depreciation.