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quarter11
Returning Member

2 multifamily units in parcel

I own 2 multifamily units with one having the main address and the other is unit b on the same parcel of land.  I rented unit b in 2023  and the main address house in mid 2024.  They share a common driveway, have separate electric meters which tenants pay for but share multi family water meter that I pay as the landlord.   Turbo Tax points to enterprise designation also but I am not sure how to use that for the rental properties. How would I account for the cost basis, depreciation and property taxes on the 2 units. 

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MarilynG1
Employee Tax Expert

2 multifamily units in parcel

You could allocate % of cost basis, depreciation, and property taxes by utilizing amounts on your property tax statement.

 

If your tax statements shows the total property value at 100K, for example, and the properties are about the same square footage, you could allocate 50/50 (or whatever you deem appropriate).

 

Here's more discussion on Separating Two Properties on Same Parcel. 

 

 

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