If i inherited a house 15 years ago, have lived in it for 14 years, refinanced twice in my name and began renting it out in 2020, do I still classify it as "inherited"?

sioban97 · ‎February 3, 2021

Filling in the Rental section for the first time - I believe I "Purchased" this property due to the refinancing, but not sure. The original way I received the house was via inheritance.
Thanks!

Critter-3 · ‎February 3, 2021

It doesn't make a difference since you are placing into service and not selling it.

Bees · ‎February 3, 2021

Look at this to get an idea of how to find your cost basis at conversion. The value when you inherited it is likely the starting cost basis unless the value has gone down. Your refi/mortgage is not part of the equation but any capital improvements are. https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

If i inherited a house 15 years ago, have lived in it for 14 years, refinanced twice in my name and began renting it out in 2020, do I still classify it as "inherited"?

Investors & landlords

Investors & landlords