DianeW777
Expert Alumni

Investors & landlords

You can make the change easily for your 2022 tax return filing jointly.  Change your cost basis to 100% of the cost (building and land) or change your business use percentage to 100% depending on how you entered your asset(s) originally. If you make either of these changes, TurboTax will combine the depreciation used by each of you separately for 2020 -2021, and then calculate the correct current year depreciation at 100% ownership.  The date placed in service will not change.

 

Keep the records from your girlfriend's return as part of the tax file for 2022.  The asset(s) doesn't really change at all, just the way it's being reported at 100% in 2022 vs 50% on each return for the prior years. 

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