Hi,
We have rental property which divided into 4 owner.
One of the owner sell out his share April 2019. Currently everything should be divider by 3
How do I need to input inside the Turbo Tax? I have turbo Tax Premier.
I did manual input, however I can not changed the depreciation price.
Best Regards
@Aan-1 wrote:One of the owner sell out his share April 2019. Currently everything should be divider by 3
How do I need to input inside the Turbo Tax? I have turbo Tax Premier.
You cannot input your entire one-third share into TurboTax so that the depreciation deduction is exactly your one-third share. You need to add the share you purchased from the owner who sold as a separate asset (which would presumably be residential rental real estate) since it will have a different purchase date (placed-in-service date for your share) and, most likely, a different acquisition price than the share you originally purchased.
The foregoing assumes you have been reporting correctly and consistently throughout the years and not as a partnership with the other three individual owners.
@Aan-1 wrote:One of the owner sell out his share April 2019. Currently everything should be divider by 3
How do I need to input inside the Turbo Tax? I have turbo Tax Premier.
You cannot input your entire one-third share into TurboTax so that the depreciation deduction is exactly your one-third share. You need to add the share you purchased from the owner who sold as a separate asset (which would presumably be residential rental real estate) since it will have a different purchase date (placed-in-service date for your share) and, most likely, a different acquisition price than the share you originally purchased.
The foregoing assumes you have been reporting correctly and consistently throughout the years and not as a partnership with the other three individual owners.