Just before 2022, I was given a shed and two grain bins through a quitclaim deed that were on my property but previously set aside for another's use under a life estate arrangement. For 2022, I rented the shed and bins out to a local farmer for his use. I received a 1099-MISC for this rent at the end of the year.
Should these outbuildings be considered as an "Other" rental with the same address as my residence and acquired through "inheritance"? Or perhaps through a "gift"? Or should I consider the outbuildings as "other property" assets to be depreciated? The latter option is more confusing, as I need to enter a fair market value under "Cost" to calculate the depreciation, but I didn't pay anything for the outbuildings in the exchange.
If I am missing some details in this explanation that would help facilitate an answer, please let me know.
