I input that I own 50% of a rental property. TurboTax calculates the depreciation and gives me 100% of it. Any ideas?

[JamesG1]

As an example, you and your partner purchased the rental property for $400,000.  You own 50% of the investment or $200,000.

You are allowed to depreciate 100% of the $200,000 cost basis in the rental property.

[eric_d_flaim]

Am I suppose to reduce the value of the home by half so that it calculates the correct amount ?   Why wouldn’t TurboTax do that automatically?  I told it I own 50 percent of the property.  

[eric_d_flaim]

Should I also only list 50 percent of the value of the house when it asks for the fair market value ?

[DavidD66]

If you own 50% of a rental property, there are two ways to report it.  You can do what it sounds like you are trying to do and report 50% of the rental property on your personal tax return.  The other way is to treat it as a partnership and report 100% on Form 1065 and then issuing each of you a K-1 with your share of income and expenses.  If you report 50% on your return then you should treat your 50% as a whole rental property.  You will set it with a cost basis of 50% of actual.  The program won't calculate depreciation based on your ownership percentage.  It will calculate it on whatever you enter as the cost basis.