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Level 3
posted Apr 2, 2023 9:05:42 PM

I own 50% of a rental Property. Expenses are coming through at 50% except for the Depreciation at 100%.

Hi

 

My son and I bought a rental property in year 2021 spit 50/50.  I indicated that I own 50% of the property so all expenses were split in half except I just noticed that the depreciation is coming at 100%.  

 

Am I supposed to enter 50% for the cost of the house instead of 100%?

 

Thanks,

Sally

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1 Replies
Expert Alumni
Apr 3, 2023 5:23:28 AM

Yes, when there is less than 100% ownership in a property, you should enter the cost of assets (such as the property itself) to reflect your percentage of ownership.  

 

Expenses entered into the tax return will be prorated according to your percentage of ownership, but the calculation does not apply to assets entered for depreciation.  There is a note on the TurboTax screen where your percentage of ownership is entered to remind you of that difference.