turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Event: Ask the Experts about your refund > RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

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?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
JulieS
Employee Tax Expert

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.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies