In 2017 my fiance and I acquired a rental property. We married in 2018.
We split income and expenses 50/50 in 2017 and allocated 50% of the value on each of our returns.
Filing a join return in 2018, the basis should now be doubled combining both of our shares.
- Do I just edit the Schedule E worksheet updating the total and land value?
- Should "prior depreciation" be updated to reflect the total claimed by both of us?
- Does the same apply to amortized refinance expenses?
