I'm to afraid to touch this one, for several reasons.
1. From my perspective, the complexity of this situation is beyond the scope of "any" public user-to-user forum; not just this one.
2. Don't know how many owners their are or their relationship to each other. (maybe there's like 3 owners, and two of them are married to each other for all I know?)
3. Since there's no indication of what software program you're using, there's no way to know if each owner reported their share of rental income/expenses on SCH E directly on each of their personal 1040 tax returns, or if a 1065 partnership return was filed and each owner received a K-1 for their share of income/expenses. Maybe the property was held in an S-Corp?
4. For the owner that lived in one room of the property while other tenants were there, don't know if that one owner had to pay rent to the other owners, and/or if that one owner was still collecting a share of rent from the other tenants.
Overall, the potential complexity of this situation would warrant a hands-on face-to-face with a qualified tax preparer licensed as such in whatever state this is in. Especially if your state, or the state of any of the owner's also taxes personal income.
A 2nd possibility to consider (which I would not do myself in this scenario) would be the "TurboTax Full Service" option, where a certified tax professional will do the taxes for you, realizing that accuracy is based soley on the information provided to that professional. They offer full service for both personal taxes, and business taxes in case it's a 1065 partnership return or corporate return you are filing here.
As for me, I think I'd have to be out of my mind to even try. 🙂
