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I have 50% ownership of a condo that is rented via Airbnb. For all of the income and expenses, other than depreciation, it appears that Turbotax is correctly giving me half of the total value. But for depreciation it appears to be giving me 100%. I looked at both Schedule E and the associated worksheet and these seemed to confirm this. Looking at those same forms for 2022 showed I correctly got 50% of the depreciation on Schedule E. Wondering if anyone else has seen this for 2023?
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For a partial ownership of a Rental Property, you need to enter only your portion of the property basis for depreciation. While TurboTax will offer to allocate income and expenses for you based on your ownership percentage, this does not apply to the rental assets. Enter the price you paid (not the total for the property).
It's possible on other properties you reported less than 100% business use. Check the "Bus Use %" column on the depreciation report for last year.
Thanks Patricia I appreciate your help!
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