Anita01
New Member

Deductions & credits

Yes, you found the right place to enter this.  And yes, each of you would only claim one third of the relevant amounts. If your names were added to the deed by a parent, then this would have been a gift and, cost basis would be the same cost as your parent's.  If you actually purchased your share, then your basis would be amount you actually paid plus your share of any improvements over the years.