If you own 50% of a rental property, there are two ways to report it. You can do what it sounds like you are trying to do and report 50% of the rental property on your personal tax return. The other way is to treat it as a partnership and report 100% on Form 1065 and then issuing each of you a K-1 with your share of income and expenses. If you report 50% on your return then you should treat your 50% as a whole rental property. You will set it with a cost basis of 50% of actual. The program won't calculate depreciation based on your ownership percentage. It will calculate it on whatever you enter as the cost basis.
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