Entering figures for sale of jointly owned investment property

[iamenu]

I sold an inherited rental property this past year.  It was jointly owned by my sister and me.  In Turbo Tax deluxe, I always marked that I owned 50% share, and it automatically gave me credit for half of every expense/income line item.  Does it do the same for the sale of the house?  Does Turbo Tax Deluxe recognize that I had 50% ownership, so I enter the full sale price and sales expenses, or do I enter half?

[tagteam · Accepted solution]

What figure have you been using for the depreciable basis of the property and did you input that figure into the program? 

Ordinarily, you would enter your share of the sales price (and basis) in the Rental Properties and Royalties section of the program. Specifically, in the Assets/Depreciation section where you would indicate that the property was sold (and also in the Property Profile section).

[iamenu]

Thank you for answering. Looks like way back when we inherited the property I entered half of the home’s value at that time.  I did receive a 1099s from the attorney and so I entered the figure on that form, which was half of the sales price.  I also entered half of the expenses listed on the closing documents.  

We also had some expenses prior to listing in order to prep the house for showing.  Do I enter those in the same area where I usually enter rental income and expenses, or add it to the expenses from the closing documents for the sale?

[tagteam]

Those sound like selling expenses so enter them as such.

[ColeenD3]

You will need to indicate at the beginning of the rental section that you are selling the property. You will be asked in that interview if you had a 100% ownership. Answer "no" and you will be able to input the percentage of the property that you owned. 

Please see the screen shot below.