So, if I understand this right, I report the appreciation of the home from the time I inherited until the time I sold it, the basis, ( I'm extimating roughly 5% appreciation in a 1 1/2 year period) and weigh the expenses against the income resulting in a loss or a net gain whichever. How do I report my realization of the value of the home less the appreciation. In other words how do a I account for the unearned income of the pure inheritance and then account for the standard inheritance deduction. I believe the sale was reported to the IRS and so I'm sure there must be a way to report the inheritance status of the sale price less appreciation value.
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