Question on sale of rental property with 50% ownership
Hello! I own 50% of a rental property that was sold in 2023. For inputting expenses, I show 50% ownership of the property. Does this ownership percentage not transfer over when inputting the sale information for the asset? I only have 1 asset for the property. It automatically calculates basis and depreciation; is this for the entire property or just my 50%? Do I need to enter property sale amount and sale expenses as 50%? I know for ordinary rent and other expenses Turbotax will calculate these based on my ownership expenses, so I put in the full amounts. My tax liability changed singnificantly when I just reduced the sales price to half so wondering if I also need to adjust basis and depreciation. Appreciate any help you can provide!