I'm a co-owner with one other person in a rental property and we divide everything 50/50. Turbotax calculates depreciation as if I were the only owner and I don't see how to change it. How and where can I change the depreciation value in Turbotax to be half of what it reports for a full owner?
Thanks much!
-Mike
You'll need to sign in or create an account to connect with an expert.
When you set up your 50% of the property in the Assets/Depreciation section, your Cost Basis should be your 50% amount, even though you also indicated your ownership as 50% in the Property Profile.
Depreciation will be calculated on that amount.
When you set up your 50% of the property in the Assets/Depreciation section, your Cost Basis should be your 50% amount, even though you also indicated your ownership as 50% in the Property Profile.
Depreciation will be calculated on that amount.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
psampath
New Member
cparke3
Level 4
grids
Level 1
Paulmyk
Level 1
omosegzy1
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.