topic Figuring out ownership percent for depreciation in Get your taxes done using TurboTax

Figuring out ownership percent for depreciation

talktoandyli — Tue, 24 Feb 2026 07:29:31 GMT

Hello,

So my sibling and I own two homes, one was purchased under our name and the second was gifted to us by our parents. In home1 is where my sister and I live, and home2 is where our parents live, with both homes also having renters.

My understanding is since I own 50% of the home, and 50% of it is being rented out that's what I should be reporting for each home. So under Rental property info > general info > situations > renting a unit part of home > I should be saying Area of home rented is 50%.

Also in Ownership percentage I should be saying 50% as well. Is that correct?

Thank you!

Re: Figuring out ownership percent for depreciation

Anonymous_ — Sat, 02 Sep 2023 14:56:53 GMT

@talktoandyli wrote:
....in Ownership percentage I should be saying 50% as well. Is that correct?

Your percentage of ownership is 50%, but to whom are you renting these properties and exactly what are they renting? Also, are any services being provided to any of the renters?

Re: Figuring out ownership percent for depreciation

talktoandyli — Sun, 03 Sep 2023 06:42:32 GMT

Hello,

So one Home1 my sister and I are in is a 3 story building. Both of us live on one floor, the second floor is being rented to a family/tenant. They get a garage space on the bottom floor(The other garage space is ours). Also some amenities like washer dryer.

Home2 is a two story home, with my parents living on one floor and the second floor being rented out. There's also a washer & dryer. No garage space though.

So that means I'm renting out 50% for each home right?

Best Regards,

Andy

Re: Figuring out ownership percent for depreciation

Anonymous_ — Sun, 03 Sep 2023 13:49:15 GMT

Yes, see https://www.irs.gov/publications/p527#en_US_2022_publink1000219159

Re: Figuring out ownership percent for depreciation

talktoandyli — Mon, 04 Sep 2023 19:23:32 GMT

Thank you! That answers all my questions.