You inherited real property in 2022. There is no taxable event when you inherit the real property.
You converted the real property to rental property. Report the rental income and expense on Schedule E on your Federal 1040 tax return.
For the basis of your inherited property, see IRS Publication 551 page 10.
Inherited Property
The basis of property inherited from a decedent is generally one of the following:
The FMV of the property at the date of the individual's death......
See also IRS Publication 551 page 10 Property Changed to Business or Rental Use.
TurboTax Online Premier or above or TurboTax CD/Download Premier or above will handle these transactions.
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