I own 50% of a rental property but Turbo Tax is putting my depreciation at 100% on my Schedule E. If I override the error it comes up as an error and it will not allow me to submit my taxes electronically. This has been a miss for several years. Can't Turbo Tax fix this in the software?
If you own 50% of the rental property, when you enter the cost basis for your share of the property, you should enter only 50% of the cost basis of the property. TurboTax will then calculate the correct depreciation.
OK - but the program gives you the option of entering the full amount of expenses and divided everything in half but not the depreciation.
This can become very complicated depending on facts and circumstances. My advice is to enter 50% of the cost of the rental home and 50% of the land so that your depreciation calculations are correct every year as suggest by @MinhT1.
Some expenses are fully rental while others may be a lower percentage which can also complicate the end results for your rental property. Time used for rental purposes is a factor that may not apply when using 50% of the rental itself and not a number of days.