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With TT you have to put in the total amount of depreciation you have taken over the years.
seek tax pro help. since you say two people owned the rental property a partnership return may have been required for each year. so if two owned it for 10 years and a partnership return was required but not filed there are substantial penalties. the general exception would be if the property was held by husband and wife and not in the name of a state law entity (ie in the name of an LLC). the other thing you may have messed up is since you and or the other party inherited the property the depreciable basis for the heir(s) would have been FMV on the date of death. Then the FMV would have to be split between non-depreciable land and depreciable building. This should have been reflected in the partnership return or your personal returns if no partnership return was required.
Thanks...the owners are my sister and me, and we inherited from our mom, so we never formed a partnership or anything like that. We each used the feature in TurboTax where you put in the percent of ownership, which was 50% each. Then we entered all of the expenses and income, and turbotax automatically credited each of us with half for our own returns. That is basically what the estate attorney told us to do when we inherited when she died.
I have paperwork that gives us the FMV at the time of inheritance. I also played with the Deluxe version of TurboTax, hoping it would walk us through the elements that pertain to the sale and again use the 50% ownership we show we each have to calculate everything. But it doesnt seem to do that.
Thanks. Sounds like since there are two of us (my sister and I) I can just add it up and we would each enter half.
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