Just some ESTIMATED numbers:
Most likely you will not have ANY gain or loss on the tax return. I crunched some numbers using both $40,000 and $60,000 as the Fair Market Value in 2013, then renting it for 7 years. Both resulted in no gain or loss, so it would not affect the amount of tax on your tax return.
However, TurboTax is NOT set up for this scenario, so you would probably want to go to a tax professional this year.
