this home is co-owned by both of us - have i lost my chance for using depreciation becaus the other owner for the first 27.5 years claimed all expenses, deductions, paid all taxes, etc.
Yes you each should depreciate only your share of ownership less the land value , land is not depreciated.
to complicate: one owner claimed all the expenses, depreciation, paid all bills for 25 years; i claimed nothing - reported nothing; what can I do now - if that partner reported 100% for 25 years - is all the depreciation taken?
and you just discovered this? Is there a written partnership agreement?
if one co-owner claimed depreciation and rental income for first 27.5 years and the other owner reported nothing - can the other partner then after that point restart another 27.5 years?
it is okay, i just want to clarify that it is okay for one co-owner to for 25 years to report total rental income, expenses and depreciation?
what's done is done - now what? can a 50% owner of a rental property claim 100% of all involved?