If you inherit a home that was a parent's primary residence, and then rented it, how do you establish the cost basis when it is sold?

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If you inherit a home that was a parent's primary residence, and then rented it, how do you establish the cost basis when it is sold?

The cost basis is the fair market value on the date the previous owner died, plus any improvements you made, minus depreciation you took or could have taken while it was a rental property.

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If you inherit a home that was a parent's primary residence, and then rented it, how do you establish the cost basis when it is sold?

The cost basis is the fair market value on the date the previous owner died, plus any improvements you made, minus depreciation you took or could have taken while it was a rental property.

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