If I purchased a rental property in 2025 as 50% owner, do i put the entire original purchase price, or half of it (in the section to determine cost basis and depreciation

Forum|Forum|3 months ago
April 12, 2026
3 replies
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TurboTax Online

pk_

Level 15

@flores-jamie2015 , if you are not filing jointly with the other 50% owner, then it is best to declare the proeprty as 100% ownership on your fifty percent i.e. it is as if you bought a rental property for 50% of the cost including 50% of the improved structure and 50% of land underneath. You then also have rent and costs all allocated to you as 50% of the total for the property ( but at 100% of your fifty percent -- as if you had a rental property with two condos in the same building, you own one and your partner owns the other condo ).

Does his make sense ? Or am I confusing you more than I should ?

Is there more I can do for you ?

DavidD66

Level 15

You use 50% of all values for your reporting of the rental property: cost basis when setting up the asset, rent, expenses, etc. Make sure you allocate a portion of your cost basis to a separate land asset when setting up.

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Mike9241

Level 15

there is also the question of how the other owner is related to the taxpayer and wether this is an LLC . Technically a partnership return might be required.

Mike9241