Question on sale of rental property with 50% ownership

[Julielew]

Hello!  I own 50% of a rental property that was sold in 2023.  For inputting expenses, I show 50% ownership of the property.  Does this ownership percentage not transfer over when inputting the sale information for the asset?  I only have 1 asset for the property.  It automatically calculates basis and depreciation; is this for the entire property or just my 50%?  Do I need to enter property sale amount and sale expenses as 50%?  I know for ordinary rent and other expenses Turbotax will calculate these based on my ownership expenses, so I put in the full amounts.  My tax liability changed singnificantly when I just reduced the sales price to half so wondering if I also need to adjust basis and depreciation.  Appreciate any help you can provide!

[PatriciaV]

Enter only your portion of the sales proceeds, selling expenses, cost basis and depreciation. TurboTax does not apply your ownership percentages when entering sales information.

[Julielew]

Thank you!  Is the depreciation over the years figured on only my half of the dwelling as well or do I need to manually calculate?

[PatriciaV]

Depreciation is based on the original cost of the property. For this reason, enter only your portion of the purchase cost for depreciation.