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Level 2

Solved

Should Depreciation be split?

2 replies
23 views

We sold rental property that we share w/ a 40/60% split. I noticed on Schedule E, the entire amount of Depreciation is included in line 20.(not a 40/60 split). Is the 'Cost basis' adjusted with 40/60% or entered as 100%?

TurboTax Premier Windows

Answer

The cost basis for depreciation is entered only for the amount of the property that was paid for by each owner. If you only paid for 40% of the purchase price, that's all you enter as your cost basis for depreciation.

A

Anonymous

Answer

The cost basis for depreciation is entered only for the amount of the property that was paid for by each owner. If you only paid for 40% of the purchase price, that's all you enter as your cost basis for depreciation.

lyndbeAuthor

Level 2

Just to clarify - the cost, the improvements, the depreciation & the amount the property sold for.. should be entered with the 40% or 60% amounts? Not the full (100%) amount?