Do I keep the same % ownership as on my spouse's former tax return and end up with two SCH E's and two Form 4562's for each Property?
Ownership percentage is 100% (one hundred percent) no matter what. One of the screens at the start of entering the property will ask you "WHO" owns it. Your checkbox selections are me (by name), spouse (by name) or "both of us".
If you live in a community property state then select "both of us". Otherwise, it's really your choice. But no matter what you select, that selection you make has ONE HUNDRED PERCENT ownership in the property.
Is the Form 4562 generated when I create a SCH E?
Your wording is to generic. The 4562 is created when you "complete" the assets/deprecation section. The 4562 is created based on the data in the assets/depreciation section. A single SCH E will hold three rental properties. If you look at one, you'll see a section with columns labeled A, B and C. A column for each rental property.
So a single SCH E form will account for three rental properties, and the TurboTax program can handle a maximum of 15 SCH E forms for a total of 45 rental properties.
and end up with two SCH E's and two Form 4562's for each Property?
You will end up with "at least" one 4562 for each property. That would be the one titled "Depreciation and Amortization Report". You may or may not also get the one titled "Alternative Minimum Tax Depreciation Report".
Understand that the reports that print in landscape format are never included with you filed tax return. It's there basically for historical purposes and to providing the "working data" needed to complete the 4562 that prints in portrait format. The one that prints portrait is the one filed with the tax return, and it's only included with the filed return if there's a change of some sort. You can see what that version of the 4562 looks like at https://www.irs.gov/pub/irs-pdf/f4562.pdf. Overall though, I fully expect the program to actually generate that form for the 2019 taxes, since there is "in fact" a change in 2019. But the landscape forms will always be generated every year, no matter what.
