20 years ago, two other people and I purchased (equal shares) a rental property and in my tax return I incorrectly entered the asset cost at the full purchase price instead of at 1/3. After 5 years, I bought their portions of the property paying out more than the final sale price when the property was sold in 2022. To account for that, I entered another asset line for the full ownership payout. So, the sum of the two property asset items is very inflated. How can I correct that when filing my 2022 return?
Please note, the Schedule E forms were correct with the 33.33% ownership during the initial 5 years.
Also, there are several improvement assets, of which only 2 have remaining depreciation (kitchen remodel and flooring). When entering each "asset sale information", what should I enter in "sales price (business portion only)" and "sales expenses (business portion only)"?
