I have a rental property that was purchased on 2004 and sold last year. This property was co-owned (I owned 50%). Each year I've been entering assets, depreciation etc. (Last several years entered, but due to being married, they had no effect on the taxes).
I've been using Turbo Tax desktop Premier
This year it was sold. Under sales information I was putting in the Sales Price (Business Portion only) and then Asset Sales Expenses, Land sales, land sales expenses.
I'm not really sure what to put here. The property was sold for more than the original purchase price but (bad investment) my gain was only about 10k over that period). When I just put in sales price (not accounting for me being 50% owner - not sure how to handle this) my federal tax due went up over 30k - so I'm sure something is wrong, as the tax increase was more than the profit over that long period.
I know I must be missing something on here as this is way off.
