A few years back my grandfather put my name along with my sister and father on the deed to his property. He has had this property for as long as I can remember and it was to be our inheritance. The property is in the middle of nowhere and noone wanted to live there so grandpa decided to sell the property and split the proceeds 3 ways and give us our inheritance in cash while he is still living. He pays rent to the new owner and will until he passes. How do I claim this on my taxes? The inheritance part asks for the date of death of previous owner. Do I report it as a sale of my first home? Second home?
