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Inherited property turned into rental property and now sold
Our mother passed away on October 16, 2018. My sister, son and I inherited her home. The house appraised in January 2019 for $485.000. My son lived in the home all of 2019. In March of 2020 the property became rental property until March of 2022. This property was sold on June 8, 2022. Alot of questions here.
Yes rental income (divided by 3) for 3 months of 2022.
Yes check the rental property was sold in 2022.
Yes do "Rental Income"
Yes do "Sale of Property/Depreciation".
Here's the big question: Do we report the sale of this property under "Investment Income" because it was inherited property and sold? Capital gains/loss ?
Thank you,
‎January 30, 2023
4:14 PM