My wife has a one third share of an inherited rental property, since 2011. I know this is wrong, but her brother paid all the taxes on the property on his own return through 2019. The property was sold in August of 2020 after the last renter left at the end of March. There were repairs and costs of sale. I know that I should enter our share of rental income and expenses under "Rental Properties and Royalties" Where should I enter the details of the sale? Can all of this be entered in Rental Properties and Royalties or do I have to go elsewhere in Turbotax to do the sale?
I believed that I could do all of this in RP&R, but the Form 4797 had a problem with the contents of line 32 not matching line 6. After hours on the phone with Intuit support, I was told to enter the sale as investment income, essentially like a stock sale without the a 1099-B. There are inherent issues with this approach since there is no dialog for depreciation with a stock sale. There is dialog for depreciation (and for that matter the ability to enter a sale with expenses in detail) using the RP&R dialog.
So folks, I could use some help with how to enter the sale of the property.
