determining basis when you pay way way below MV for a property
I'm trying to figure out how to determine my basis for a property we bought way below market value. The entire property of 2 homes was transferred to me for 1 dollar in 2019. I live in one of the homes, and the other is occupied residentially for extremely low to no rent.
I've spent significant time and funds updating the rental home. I'm Interested in hearing ideas about how you would set this up. Through 2021 I haven't deducted anything related to this home.
I appreciate your time and ideas.
Andy