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waldos313
New Member

Can't change percentage of ownership on my rental from 25% to 100% but stuck in a loop on the 'review your rental property info' page.

tried logging on and off twice and I can change every other parameter in my rental except this one thing.
2 Replies
tagteam
Level 15

Can't change percentage of ownership on my rental from 25% to 100% but stuck in a loop on the 'review your rental property info' page.

What were the circumstances that lead to the increase in your ownership interest from 25% to 100% and at what point did the increase occur?

 

Did you purchase the other 75% from another owner (or owners)? Did you inherit the other 75% or did you receive it as a gift?

 

If you transferred in your 2019 tax return information (from TurboTax) that showed a 25% interest, the depreciation calculation (that was also likely transferred) would now be wrong after the change in the percentage of ownership.

 

Additional details are needed.

Carl
Level 15

Can't change percentage of ownership on my rental from 25% to 100% but stuck in a loop on the 'review your rental property info' page.

Under no circumstances do you change ownership percentage of a rental asset. Doing so will mess up everything. In particular it will completely skew the past year's depreciation as well as the current year depreciation.

If you purchased the other 75% from the former owner of that 75%, you simply enter it as a completely new asset in the assets/depreciation section. Leave the original entry alone.

 

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