Rental property depreciation for Pennsylvania

[anatolr]

I own a rental property in Pennsylvania (PA) with another person 50%-50%. PA uses the same depreciation as IRS. I tell TT that I want to enter income/expense for the entire property and that I own it 50%. It successfully divides all figures in half, except depreciation. This intuitively seems incorrect and should also be divided in half. So what is the correct way to enter it? Is it a bug in TT?

[DianeW777 · Accepted solution]

No, it is not a bug and yes it is incorrect. You must enter 50% of the cost basis of the home and 50% of the cost basis of the land on each tax return to achieve the correct depreciation for each of you. Once you correct the cost basis on each of your returns, the depreciation will be accurate for both of you. Assets are not treated the same way as operating expenses because it gets very complicated and there can be various scenarios. 

[anatolr]

Thank you everyone for exhaustive and prompt answers. I get what the responders are saying. This topic can be considered closed.