Thanks...the owners are my sister and me, and we inherited from our mom, so we never formed a partnership or anything like that. We each used the feature in TurboTax where you put in the percent of ownership, which was 50% each. Then we entered all of the expenses and income, and turbotax automatically credited each of us with half for our own returns. That is basically what the estate attorney told us to do when we inherited when she died.
I have paperwork that gives us the FMV at the time of inheritance. I also played with the Deluxe version of TurboTax, hoping it would walk us through the elements that pertain to the sale and again use the 50% ownership we show we each have to calculate everything. But it doesnt seem to do that.
