How do my two siblings and I report rental income on inherited property? We each owned one third and held the property only six months after my mother's death.

[MichaelL1]

The easy way would be a Trust (Form 1041) to do this and report it all.  First see if the executor is going to do this. Then if not, read below.

However, if that is not done, then each of you would show the property (at 1/3) on your respective returns and report the rental income, expenses, depreciation and show the sale of the rental. 

The value of the rental is: the Fair Market Value on date of death, plus improvements (if any) you made to get it ready to rent.  You would enter this just like you owned it all (only 1/3 of the values would be listed). 

You will need TurboTax Premier product to enter this on your return.

It is a pain, I realize, but this is the correct way to do it.  One positive thing is there is a stepped up basis in the house, so your gain or loss on the sale should be small, so the tax impact should not be great one way or the other.