You'll need to sign in or create an account to connect with an expert.
You need to enter just your share of the purchase price and prior depreciation. Ownership percentages do not apply to the depreciation section.
If you indicated your ownership is 50% in the beginning of the rental section, 50% will be applied to all of the expenses like mortgage interest, insurance, etc. That does not apply to assets and depreciation.
See the image below for an example.
I will suggest the percentage to apply the depreciation to make it easier for the user. Thanks
Just report your share of the asset. For example, if the asset has a value of $20,000, just enter your share ($10,000 if you have just one other owner). It is much easier.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
mkttaxer
Returning Member
shebedo
Level 3
shak0000
Level 2
kcoriell
Level 2
IraDistribBeneficiary
Returning Member