Inherited Property offered for Rent
I am in the process of amending a clients 2020 tax return and I am stumped. Here are the facts:
1. Inherited the property jointly with a cousin on 2/20/2019
2. Bought cousin out in 2020 for a cost of $2,667
3. Gutted the house and renovated. Started renovations in 2019 and completed them in 2020 for a cost of $14,850
4. Made additional improvements in 2020 for a cost of $10,200
5. Land Value is $5,300
6. Offered for rent in 2020
How do I account for each of the items above on the 2020 tax return?
