No, you will not need to account for it this year on your tax return. When you sell it or rent it however, you will need to report the income in the year you sell or rent. You may though need to check with the inheritance laws in your state because inheritance tax does occur on the state level but not on the federal.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
