I purchased a house in Savannah, GA 15 years ago and maintained it as a rental property the entire time.
Three years ago I refinanced it and added my daughter's name to the title (but not the loan)
I sold it last year. The costs and profits were split equally between my daughter and myself at closing.
I was told that the capital gains and depreciation recovery for the entire 15 years need to be split equally between myself and my daughter on this year's taxes. Is that correct? Will I have to make a manual entry in TurboTax somewhere to reflect this, both for the depreciation and the capital gains.?
