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Should I be using totals (100%) or ownership share (50%) when entering assets for depreciation and prior depreciation as a partial owner of a rental property?

 
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3 Replies
JulieS
Expert Alumni

Should I be using totals (100%) or ownership share (50%) when entering assets for depreciation and prior depreciation as a partial owner of a rental property?

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.

 

 

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Sing8
New Member

Should I be using totals (100%) or ownership share (50%) when entering assets for depreciation and prior depreciation as a partial owner of a rental property?

I will suggest the percentage to apply the depreciation to make it easier for the user. Thanks

Irene2805
Expert Alumni

Should I be using totals (100%) or ownership share (50%) when entering assets for depreciation and prior depreciation as a partial owner of a rental property?

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.

 

@Sing8

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