topic 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? in Investors & landlords

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?

dshrider — Mon, 03 Jun 2019 19:01:40 GMT

Yes, and you get a "step-up" in basis to the Full Market...

Ashby — Mon, 03 Jun 2019 19:01:42 GMT

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

Ok. Great! One more thing....It was only rented out for...

dshrider — Mon, 03 Jun 2019 19:01:46 GMT

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?

TurboTax also asked the following: "Have you used this i...

dshrider — Mon, 03 Jun 2019 19:01:47 GMT

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!

In your second question, you are entering the house as an...

Ashby — Mon, 03 Jun 2019 19:01:48 GMT

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

You will "sell the house" in the asset section. It will a...

Ashby — Mon, 03 Jun 2019 19:01:49 GMT

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.

There are good instructions in this link: https://ttlc.intuit.com/replies/3388350">https://ttlc.intuit.com/replies/3388350</a>

Thank you so much!!!

dshrider — Mon, 03 Jun 2019 19:01:53 GMT

Thank you so much!!!