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Get your taxes done using TurboTax
Yes, you will need to enter 50% of the Cost Basis in the Property Profile section of Rentals.
You want depreciation calculated for you on your Cost Basis, which is 50% of the total cost.
Even though you indicated you're a 50% owner, TurboTax assumes that the Cost Basis you entered is your 50%.
Here's more discussion on Jointly Owned Rental Property Reporting.
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March 31, 2024
5:17 PM