compute rental home income.
Judy’s mother, Sarah, died on July 2, 2018, leaving Judy her entire estate. Included in the estate was Sarah’s residence. Sarah’s basis in the residence was $30,000. The fair market value of the residence on July 2, 2018, was $155,000. The property was distributed to Judy on January 1, 2018. The Vances have held the property as a rental property and have managed it themselves and they started renting the house to the same tenant starting January 1, 2019. To compute
Tax return 2019, how to compute rental home income.
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