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Rental Property-Sch E (2 owners) - TT splits rev & exp 50/50 except for depreciation. TT shows 100% of depreciation instead of allocating 50/50. Help!!

Forum|Forum|7 years ago
June 6, 2019
2 replies
29 views

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Best answer by

For depreciation purposes, there is no automatic splitting of total depreciation. Each owner can only depreciate the amount of the purchase price that they actually paid, and that can often be very different than the choice of a split on income and expenses. You can return to the interview and edit the assets to enter the exact cost basis that you want to depreciate on your return.

Alumni - Expert

Alumni - Expert

TurboTax allocates the income/expenses. For assets, enter 1/2 of the cost basis to calculate depreciation correctly. Same for any sales proceeds when retiring/selling the assets.

Let me know if this helps.

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A

Anonymous

Answer

For depreciation purposes, there is no automatic splitting of total depreciation. Each owner can only depreciate the amount of the purchase price that they actually paid, and that can often be very different than the choice of a split on income and expenses. You can return to the interview and edit the assets to enter the exact cost basis that you want to depreciate on your return.