I had a 50% ownership rental property for the past 6 years. In July 2019 I bought out the other 50% int. so I now own 100%. How do I show the increase in asset value?

[MinhT1]

If you bought out the other 50% of the property in July 2019, you should create in TurboTax a new asset representing the second half of the property which is put in service in July 2019. This second 50% may have a different value from the first half (which should reflect your purchase price). Please remember to split the asset between Land and Improvements (the house itself) as Land is not depreciated.

[Carl]

Actually, it depends on how you've been reporting the 50% you owned the last 6 years.  Assuming you've been reporting this for the last six years on page 1 of SCH E as a part of your personal 1040 tax return:

Have you've been entering 100% of the values and indicated that you only own 50% of it?

Or have you been entering only your 50% of the values and reporting 100% ownership of it?