MonikaK1
Expert Alumni

Get your taxes done using TurboTax

You don't need to report anything about how you acquired the property for 2024. When you are ready to rent it, then you will need to calculate your basis in the property, including the portion you inherited and the portion you purchased, and the percentage of the total value attributed to land, in order to set up the depreciation schedule. 

 

See this tax tips article for more information.

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