My Father died April 2017 and left rental house to me. Rental house was part of his estate. Estate closed 12-31-17. Was 2018 the first year I rented this property?

[Ashby · Accepted solution]

Yes, and you get a "step-up" in basis to the Full Market Value valuation of the property for depreciation purposes.

[dshrider]

Ok.  Great!  One more thing....It was only rented out for 4 months in 2018 until we sold it in July 2018.  We didn't upgrade the rental house or do any work on it while it was a rental in 2018.  So we didn't need a 1099-MISC.  When sold, the house was a net "Loss".  TurboTax never asked me the selling price for the house.  Do you know why?

[dshrider]

TurboTax also asked the following:  "Have you used this item 100% for this business since you acquired it?" on the screen labeled "Tell Us More About This Rental Asset" where we marked that it was sold in 2018.  For a business??  And it asked for the date I started using it as a business?  Very confused on this screen.  Any help would be greatly appreciated!  

[Ashby]

In your second question, you are entering the house as an asset for your rental property "business". I know it's not really a business, but that's why the language is there. Date started would be 1/1/18

[Ashby]

You will "sell the house" in the asset section. It will ask you if you sold the property this year. Mark yes and it should let you enter sales price.

[Ashby]

There are good instructions in this link:  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/3388350">https://ttlc.intuit.com/replies/3388350</a>

[dshrider]

Thank you so much!!!