Hi, regarding the solution to ownership % of rental property, I have changed the ownership percentage to 50% per prior response. However, turbo tax arrives at the same depreciation expense amount as when first calculated with 100% ownership. Does this make sense? Seems odd to me that each of us would end up with 50% ownership and both of us would end up claiming the same annual depreciation expense as before when we were filing joint. Thanks.
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You do not need to split the rental details, you need to change the ownership % in the details about the rental.
- To do this in TurboTax Online you can follow these steps:
- Within your tax return click on Wages & Income in the black menu bar on the left
- Click Edit/Add for Rental Properties and Royalties (Sch E)
- Click Edit for your rental property
- On the Do any of these uncommon situations apply to XXX? screen click I was not the only owner of this rental
- Enter your ownership percentage on the next screen
- On the Want us to divide XXX expenses for you? screen click Yes, I will enter total amounts and have TurboTax calculate 50% since you have depreciation and asset value carrying over from prior years
