The basis remains as it was at the time of my mother's death, less further depreciation taken up to my father's death. I continue to rent the properties so no sale or purchase is involved. How do I report this in TurboTax?
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When you register for Answer Exchange, you entered that you are using TurboTax Deluxe.
TurboTax Deluxe does not handle rental properties, so you need to use TurboTax Premier.
Since this is the first year you have listed the properties on your tax return, you simply enter the basis as whatever carryover basis you believe you have. There is not a specific question to ask where you got the basis.
Here is where to locate rental expenses in TurboTax Premier:
Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2018 collected in December 2017 is reported on your 2017 return.
If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.
When you register for Answer Exchange, you entered that you are using TurboTax Deluxe.
TurboTax Deluxe does not handle rental properties, so you need to use TurboTax Premier.
Since this is the first year you have listed the properties on your tax return, you simply enter the basis as whatever carryover basis you believe you have. There is not a specific question to ask where you got the basis.
Here is where to locate rental expenses in TurboTax Premier:
Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2018 collected in December 2017 is reported on your 2017 return.
If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.
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