You are correct in your observations. For depreciation, you will have to manually enter an amount based
upon the percentage of your ownership. Program does not calculate nor splits the basis for you. Since you are splitting 50/50, you would enter half of the total amounts
for building and land respectively. The reason why depreciation is "designed" differently, is because you can only take the depreciation on the portion of the property that you actually paid for, so taxpayers must have that data entry done manually.
In Turbo Tax, while entering rental information with partial
ownership, only income and expenses can
be entered in two ways, where you enter just your share or all income/expenses and let TurboTax allocate your percentage accordingly.
