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Claim a quick deed property

My in-laws quick claim deed a house to my wife and I in 2017 after they purchased a new home. I've invested money to remodel the home in 2017 in order to rent the house in 2018. My question is how to claim the home. Should I list it as a rental property without income for 2017 but with the remodel expenses. How should claim the quick claim on my return? Thank you.

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Intuit Alumni

Claim a quick deed property

You do not need to show the quitclaim deed on your return. You can claim the property taxes from the point it became your property.

Your property is officially a rental property at the time it is placed in service.

Placed in Service

You place property in service in a rental activity when it is ready and available for a specific use in that activity. Even if you aren’t using the property, it is in service when it is ready and available for its specific use. 

Example 2.

On April 6, you purchased a house to use as residential rental property. You made extensive repairs to the house and had it ready for rent on July 5. You began to advertise the house for rent in July and actually rented it beginning September 1. The house is considered placed in service in July when it was ready and available for rent. You can begin to depreciate the house in July.

From <https://www.irs.gov/publications/p527#en_US_2017_publink1000219036>

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