Renting part of inherited property, confused about the Fair Market value
I Started renting rooms in 2017
The Turbo tax instruction (see below) "FMV at the time of the conversion" , in the case of inherited property isn't the FMV from the day the Decedent died? or the day I converted to rental?
And if partial rental the FMV (minus land) has to be prorated, correct?
* If you converted your home to a rental unit, the basis you can depreciate is the lesser of: (1) the cost in the property (PLUS the cost of any improvements or assessments MINUS any casualty losses you've claimed on the property); or (2) the fair market value (FMV) at the time of the conversion.