Hi All,
In 2020 I bought a rental property with my girlfriend. We each owned 50% and filed our taxes separately. Therefore, we each divided all tax deductible expenses and rental income by two and submitted in our separate tax forms.
Well, we got married in 2022, so together we own 100% of the property (obviously). Now we are filing jointly, and I'm wondering how to increase the depreciation. Turbotax is pulling my previous year's depreciation for the property which was 50%.
Since 2020, Turbotax has calculated my depreciation over 27.5 years. I'm unclear if it's straightforward in Turbotax to increase depreciation mid-cycle now that we can claim 100% of the property together.
Thanks in advance!
