Incorrect cost was entered for rental property asset purchased many years ago and sold in 2022.

[mon411]

20 years ago, two other people and I purchased (equal shares) a rental property and in my tax return I incorrectly entered the asset cost at the full purchase price instead of at 1/3. After 5 years, I bought their portions of the property paying out more than the final sale price when the property was sold in 2022. To account for that, I entered another asset line for the full ownership payout. So, the sum of the two property asset items is very inflated.  How can I correct that when filing my 2022 return?

Please note, the Schedule E forms were correct with the 33.33% ownership during the initial 5 years.

Also, there are several improvement assets, of which only 2 have remaining depreciation (kitchen remodel and flooring).  When entering each "asset sale information", what should I enter in "sales price (business portion only)" and "sales expenses (business portion only)"?

[Mike9241]

i would suggest you use a pro. not only do you have to correct the cost but you also have to correct for the incorrect  depreciation. this requires filing form 3115. 

[mon411]

Please also address my other question, which was: Also, there are several improvement assets, of which only 2 have remaining depreciation (kitchen remodel and flooring).  When entering each "asset sale information", what should I enter in "sales price (business portion only)" and "sales expenses (business portion only)"?

Do I have to enter #s for sales price and sales expenses in every asset item?  How do I calculate the sales expenses?