How to enter my % of inherited rental property on Turbo Tax?

[Wendyisfun]

Greetings all and thank you in advance for your help.

My 3 brothers and I inherited our parent's interest in commercial rental property that is on a triple net lease. 

We each inherited 12.615%.

We had an appraisal done at the date of death to determine the fair market value.  I also have a copy of the property tax records.

The property was appraised at $1,290,000.  The property tax records show that the market improvement value is $248,600 and the market land value is $228,200.  Yes, I do know that land is not depreciated.

When entering this property on the tax return do we enter the value of the property based on our % of ownership, $162,734 and then the same with the market improvement value from the property tax records, $31,361or do we enter the full amount of each and indicate on the return that we own the 12.615%?

[MarilynG1]

Yes, you can enter full amounts and indicate the % of ownership in the Property Profile in the Rental Section. 

Your Cost Basis will be the FMV at time of death (stepped-up basis). 

The Property Tax records are used to determine the % of Land to Building ratio when reporting Land and Building basis amounts.   

Here's more info on Entering Rental Property.