My husband and I own a small business. I know we report income/expense split by % ownership. Do we report new assets the same way, or under 1 person?

[useralockwood03037]

The business is a partnership (not an LLC or C corp).

[Mike9241]

since you suppose to be filing a partnership return. the asset gets added  to the partnership and then Turbotax allocates depreciation based on relative profit and loss splitting %s

[useralockwood03037]

Thanks, Mike.  My understanding is that since we are an unincorporated partnership, not an LLC, we will not file a partnership return.