You will each file a sch E listing the rental income and expenses for the time you owned them March- May. You will each list your half of the income and expenses. As you enter the house in the program, you will also be marking that you sold the property. As an inheritance, your basis in the property is the value of the property on the date of death. If prices remained fairly stable in your area, the sales price will be fine since within 6 months of death. I am very sorry for your loss.
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