Question

"I bought this property new." Turbo Tax automatically checks "new" even if I check "none of the above". How do I get Turbo Tax to keep it "none of the above"?

Forum|Forum|6 years ago
May 15, 2020
1 reply
0 views

I can't find in the Forms where the information is used either. I think "new to me" is not considered "new" to the IRS. Does "new" only mean "brand new" (never used by another person)? Every time I review that screen it comes up automatically checked "new". Not sure what to do and if I should worry about this. I bought a property that was depreciated by the last owner but all the depreciation starts over with me. Not sure how "new" fits in. Thanks in advance for any help. I've anguished over this for hours.

Carl11_2

Employee

Yes, it means "new to me". So if you paid money for this real estate property (I assume it's real estate, as you really didn't clarify) then it is in fact, purchased new. This assumes you did not inherit it, receive it as a gift, or something else where no exchange of money or other property was involved.

M

MelO4Author

Thank you so much for your response! Yes, it was real estate property (commercial) but actually I inherited 50% to me and 50% to my brother. I bought my brother out at FMV for his share leaving me as the sole owner. It's "new" to me because now I have 100% of the responsibility but maybe not to the IRS? Don't know.