topic inherited Rental in Get your taxes done using TurboTax

inherited Rental

dorou — Tue, 10 Feb 2026 10:12:48 GMT

My wife and her sister inherited a rental property with a step up in basis at the time of death. After a couple year court battle my wife Quit claim deeded the property to her sister for $0 as part of the broader settlement. I recoreded 50% of the rental income for 2022 but my wife no longer owns the property. How do I record that we no longer have the property and remove the property from taxes. The property has since been sold by sister.

Re: inherited Rental

Anonymous_ — Mon, 08 Jan 2024 15:39:15 GMT

Did you indicate the property was disposed of in 2022?

Re: inherited Rental

dorou — Mon, 08 Jan 2024 15:41:38 GMT

I wasn't Quit Claimed untill 2023 and she didn't recieve any rental income for 2023 either.

Re: inherited Rental

Anonymous_ — Mon, 08 Jan 2024 15:45:37 GMT

Then you need to dispose of the property for whatever your wife received in return ("value").