For the life of me I can't see any option to add a new question or topic after reading the response to this one. I am only able to "reply." Maybe there is a technical problem with my account?
Here is my question:
"rental property: how to split depreciation after adding new owner"
So I've (call me PersonA) owned a rental property for almost 10yrs. Due to financial hardship, I re-financed recently and added a new owner (PersonB) to the property to help out financially. The loan was re-financed to Joint Tenancy. The title to the rental house is Joint Tenants (PersonA & PersonB). The loan is under both PersonA & PersonB names. From what I read, depreciation doesn't change for the house (unless a sell happens). So I am trying to figure out how to split the DEPRECIATION part of the house. PersonA will continue with the Schedule E similar to previous years with a lower percentage. PersonB will now have to include a new Schedule E, but how to split depreciation? How to reduce on PersonA's Schedule E and add the less than 100% of the depreciation to PersonB's new Schedule E?
