A lot of issues here.

Rental property, potential depreciation recapture (which suck for those in any lower tax bracket) for one.

Was there a return done for closing the estate and transferring title? Is the property held in a trust? You will get stepped up basis on the property, but, there may be other considerations here. Too much to consider for a responsible answer.

You really have a situation that would warrant speaking with a seasoned estate/inheritance tax professional. I used to work as a CPA and would not rely on any answer on this board as substantive to your situation. Too many unknowns. JMHO


Last edited by crackedback; 07/12/20 04:26 PM.