Depreciation on Rental Home

[lrobertspbecker]

Hi.  My partner and I share a rental property.  I have had my 2024 taxes done by a CPA and am doing my partner's taxes on Turbo Tax to save money.  I have the figures that my CPA used for depreciation and want to use those figures for my partner's taxes (although at a different % because we don't own it equally).  Since we weren't using Turbo Tax when we first purchased the property, we have already calculated depreciation over the last 5 years, how do I enter in Turbo Tax?  I don't want it to assume we just purchased it and haven't already allowed for previous depreciation.  Maybe once I get into the questions it will address this, but wanted to get this out there in case I can't figure it out.

[ThomasM125 · Accepted solution]

When you add the asset in TurboTax, the program will ask you for the cost basis information and when it was put into service. Based on that, TurboTax will calculate the prior depreciation and ask you if the amount calculated is correct. If not, you can enter in the depreciation you actually took in prior years.

[lrobertspbecker]

Thank you for the quick response!!  Appreciate it!

[lrobertspbecker]

Another question on this.  Turbo Tax asks for the purchase price of the house, and to enter the figure at the % of ownership.  For the land value, should it also be at the % of ownership, or the full land value?  It doesn't state under "Cost of Land" that it should be entered at the % of ownership.  Thank you!

[AmyC · Accepted solution]

Yes, you will enter your portion of the house, land, tax, every amount and deduction will be based on your percentage.

[lrobertspbecker]

Thank you!