My Father passed away in Nov 2017 and we did not update the basis on a rental property for FMV the date of his death for my Mother who is joint owner. Now that the rental property sold last year, we need to update the basis to 1/2 of FMV on date of death from an appraisal we had and 1/2 of original basis plus any amount of depreciation from his date of death up to date of sale in 2020. How do I enter this correctly in the asset summary of the rental property in Turbo Tax? Trying to make 2 assets of 1/2 of values (original and new) does not seem to work and is making the tax taken out way higher than it should be with just the new basis. How do I make it so the original asset for depreciation is taken out of service and replaced with a new asset with the correct basis for the sale? I don't want it to show 2 sales happening on same property. Need help please!
