I bought Rental Property in 2025 with my Son(I am using 50%-50% for ownership calcuations) and it is rented since May,2025. I use Premier version and went through Rental Property Workesheets/Questions.
There seems to be problem with turbo tax software. If property is not 100% owned then depreciation calculation is not working and line18 stays empty. No questions are asked about the property. It directly jumps to summary.
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@handp44 did you possibly elect to Section 179 expense the assets purchased during the interview? If so you would have to add them as expenses. Did you indicate the assets were placed in service during 2025? Personal-use assets (e.g., home, car) cannot be depreciated or claimed for capital losses, unlike business or rental property so did you indicate personal usage at all or was it 100% 3rd party rental? Please go back over your interview for the assets as Premier does handle Schedule E. It will also handle 50/50 where you MUST tell TT if you want them to allocate or you just enter your portion.
I didn't see question on section 179 when I started entering Rental Property Info. Thats the first thing it asked for "Rental Properties and Royalties" in income section.
In the questions, As soon as you start section after entering address:
Type of Property : Single Family Home
Year first rented: 2025
Days Rented: 245 ( Personal Use: 0)
Ownership : Now comes interesting part
Trry1:
- select 50% and let TT handle calculation.
- No to 1099-NEC
- Enter Rental Info my self (not from Quicken or Quickbooks)
- Property not in disaster area.
- After that software just jumps back on the summary page.
- ( No Question on Tell Us About the Property)
Try2:
- select 100% and let TT handle calculation.
- Questions are same until Property Disaster area.
- Starts Asking me question about the Property .. Purchase Price etc.
With Try1, there were no question at all about the Property at all. and Try2 took me all the way to Land Value and Depreciation questions ( Which were not asked with Try1 at all) I did both try without changing anything else in the return and also with adding them as different properties.
Try changing days rented to 365 yet income will only be for the 245 you stated. What version of TT are you using, desktop or online?
Thanks @maglib but No luck.
I am will do depreciation calculation based on the 50% of the property value separately and handle the split manually.
@handp44 Yes I just enter my cost not total. There are some expenses that are just mine so why entering my piece is easiest. Especially when it comes to mileage.
Another notes, quicker depreciation allowed is not good when running at a loss as you normally cant use losses.
section 199A is also normally something you font want to claim if losses.
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