Anonymous
Not applicable

Investors & landlords

seek tax pro help.  since you say two people owned the rental property a partnership return may have been required for each year.  so if two owned it for 10 years and a partnership return was required but not filed there are substantial penalties.   the general exception would be if the property was held by husband and wife and not in the name of a state law entity (ie in the name of an LLC).  the other thing you may have messed up is since you and or the other party inherited the property the depreciable basis for the heir(s) would have been FMV on the date of death.  Then the FMV would have to be split between non-depreciable land and depreciable building. This should have been reflected in the partnership return or your personal returns if no partnership return was required.