I'm trying to figure out how to mechanically enter in Turbotax. I will try and make simple. I purchased a rental property in 2004 with my brother. The ownership was JTWROS. Here are some financial facts. The purchase price was $880,000. My original portion would have been $440,000. I had been using the $440,000 for the annual 27.5 year depreciation. My brother died Jan 31, 2019. At that time the appraisal for the property was $585,000. Half would be $292,500. I sold the property in April 2019 for $585,000. Based on my calculations my cost basis would be ($440,000 + $292,500) $732,500. My portion of the depreciation since 2004 is $235,000. Closing costs were $41,000. So I come up with Sale Price $585,000 less Adjusted Cost Basis of $732,500 less Closing Costs of $41,000 for Loss of ($188,500). Then the depreciation recapture of $235,000, for gain of $46,500. My question(s) are can I just enter all this under the original one asset in turbo tax? All the history ripples through and the cost basis shows as $440,000. Can I just change the cost basis to the $732,500? I saw some previous discussions that instructed add an additional asset. The issue with that is how would I show the sale for the inherited portion of the additional asset? Any comments/advice are very much appreciated.
Thanks
Neilio
