Do I just take 50% of the income and expenses of this partnership LLC?
No. The partnership, which I assume is a multi-member LLC since you refer to it as a "partnership LLC", will file it's own IRS Form 1065 Partnership/Multi-member LLC tax return. Not sure, but I do believe the due date for the 1065 is March 15th.
how do I claim 50% depreciation for this partnership
You don't - at least not directly. The partnership is required to issue all members a K-1 which each member will need in order to complete their own personal 1040 tax return. Your share of the depreciation will be reflected on the K-1.
If I buy this additional Turbo Tax Business version to file for the partnership
So am I correct in assuming "you" will be the one completing the 1065 and issuing K-1's to all members of the partnership? I point this out, because only one 1065 needs to be filed. Therefore, only one person has to use the TurboTax Business program to complete the 1065 return. That person is responsible for issuing K-1's to all members of the partnership.
and I get a Schedule K1 from it,
You seem to be implying "if" you get a K-1. So let me clarify if I may. There's no "if" here. All members of the partnership will get a K-1. Yes, there are exceptions. But in the case of real estate I seriously doubt a K-1 won't be issued to all members since there's depreciation here that affects all members.
where in the TurboTax Premier version do I enter information from the Schedule K1 I got.
Basically, without trying to sound sarcastic, you'll enter it in the section that specifically asks if you have a K-1 to report. In Turbotax 2021 Home & Business desktop version (which is what I use) that will be under the Personal/Personal Income tab in the section called Business Investment & Estate/Trust Income.
