Section 129 immediate expensing, and he chose to not claim any bonus depreciation. (Please see override for this section.) . Lourdes' mother, Maria, died on Iuly 2, 2013, leaving Lourdes her entire estate. Included in the estate was Maria's residence (325 Oak Street, |Cincinnati, OH 45211). Maria's basis in the residence was $30,000. The fair market value of the residence on Inly 2, 2013, was $155,000. The property was distributed to Lourdes on January 1, 2014. The Gouzaleses have held the property as rental property and have managed it themselves. From 2014 until June 30, 2013, they rented the house to the same tenant. The tenant was transferred to a branch ofce in California and moved out at the end of June. Since they did not want to bother fmding a new tenant, Armando and Lourdes sold the house on June 30, 2010. They received $140,000 for the house and land ($ 15,000 for the land and $125,000 for the house) less a 6% commission charged by the broker. They had depreciated the house using the MACRS rules and conventions applicable to residential real estate. To compute depreciation on the house, the Gonzaleses had allocated $15,000 of the property's basis to the land on which the house is located. The Gonzaleses collected rent of $ 1,000 a month during the six months the house was occupied during the year. They incurred the following related expenses during this period: 0 Property insurance $ 500 ' Property taxes $ 800 ' Maintenance $455 C Depreciation (see instructions for override amount)