We had a rental property in an LLC that broke-up this year into a tenants-in-common (TIC) ownership. So rather than receiving a K-1 from the LLC, I am now entering the rental on my individual return.
The rental was first acquired by the LLC in 2013, and "entered" service in the TIC in May 2020. When I try to enter the prior depreciation (in Form view, since I never get asked for prior depreciation when stepping-through adding the asset), it initially shows blue, then changes to red. I'm assuming this is because TurboTax thinks it's an error somehow.
To perhaps complicate matters, we sold the property in November 2020.
What I'm looking for is TurboTax to calculate/use depreciation from May to November of 2020, being the time when the TIC first started "owning" the asset, and when it was sold.
Why is it showing the prior depreciation in red? Is this an error? How do I enter assets under this scenario to get the depreciation correct?
Help!
Thanks much,
- Rick (Using TurboTax Premier desktop)
