What other amounts do I need from our parents to use on our 1065?
You will need your parent's original cost basis in each property. Their original cost basis is what they paid for the property when they originally purchased it, plus the amount they paid for any property improvements during the time they owned it. This will be used to determine "your" cost basis in the property.
You will also need the total amount of depreciation taken on each property, during the period of time your parent's owned it. Whatever cost basis is figured for each property, must be reduced by the amount of depreciation already taken on that property. Only the structure value is reduced, not the land value. This is because land is never depreciated.
