@stc255
Don't follow the one with the screen shot. I am reposting the answer that you should adhere to from Carl.
You can't just arbitrarily change your ownership percentage. Doing so will completely screw up a number of things; in particular the depreciation history. That will without question, come back to bite you.
If you already have the property asset listed in the Assets/Depreciation section with 70% ownership, then you have to show your acquisition of the other 30% as a completely and physically separate asset. Then depreciation on that additional 30% will start in 2020 on the date of your acquisition. But there is an easier way less prone to user error resulting in an audit.
Start from the beginning and Indicate that you converted your 70% of the property to personal use on the date you acquired the other 30%. Enter only the rental expenses incurred up to the date of conversion to personal use. Then work through the assets in the assets/depreciation section. You must do the below for each individual asset listed.
Indicate that "I stopped using this asset in 2020". The conversion date will be one day "BEFORE" you acquired 100% ownership of the property. On the "Special Handling Required?" screen, select YES. (If you select no, you will be "forced" to enter sales information. You did not sell it.) As you work through the asset, write down the amount in the COST box and the COST OF LAND box. After working through that asset in it's entirety, write down the prior years depreciation and current year depreciation taken. Add those two numbers together to get the total depreciation taken on the property.
Now subtract the total depreciation taken from the amount in the COST box that you wrote down earlier. This will be your new cost basis on this specific asset.
You must do the above for each individual asset listed.
Once done, the entire property and all assets associated with it are converted to personal use on the date that is one day "BEFORE" you acquired 100% ownership of the property.
Now you will enter an entirely new rental property of which you own 100% of. Your acquisition date of that property will be the date you acquired 100% ownership of it. Your cost basis of the property and any other assets listed will be the "adjusted" cost basis you figured on each asset with the math above. Depreciation will start over from day one (the date you acquired 100% ownership) for the next 27.5 years.
