My sister and I jointly owned rental property. She died in 2018, and I inherited her half. I then sold the property. How do I report this, since the basis for each of the two halves is different, and recapture of depreciation only applies to the half I already owned? Do I simply enter this as two separate transactions, or do I add the two bases together, and report only the depreciation recapture from my half, and report it as a single transaction?
You'll need to sign in or create an account to connect with an expert.
Either method would be acceptable. I would enter it as two separate transactions.
Either method would be acceptable. I would enter it as two separate transactions.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CRoxl
Level 1
Dg163
Level 1
hno4
Level 2
go_dores
Level 2
PCMarmot
Level 3