Appreciate any insight on this.
Own rental with daughter 2/3 and 1/3 tenants in common on the deed. CPA told me that one of us could report income/expenses/depreciation the Sch E and the other didn't need to so that is the agreement my daughter and I have. She is a silent partner. So I have always reported 100% of income/exp/dep. Now the property is sold. I have to do the dep recapture 100% BUT the capital gain needs to be divided per our ownership on the deed. I can do this easily on an excel worksheet and know the amounts we are to report. EX: cost basis $100, Sold for $200. My cost basis is $66; daughter is $34. My sales basis is $133; daughter is $67. I add back 100% of depreciation. BUT I can't figure out how to do this on TTAX. I go to the Sch E worksheet and it lets me say I own 66% and lets me say 100% of inc and expenses are mine. BUT it doesn't use the % to apportion the cost basis or the sales basis. Instead it puts all gain on me and I can't overwrite. I also tried to enter the 66% in the Asset worksheet and it takes the % but turns it red and doesn't use the number in calculations (basis for gain or loss if different).
1) I can't find the IRS statement that says I was allowed to take all the income/ex so pls confirm that is true. 2) How do I make TTAX use the % for the gain and loss?
TIA
