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Level 3
posted Feb 19, 2020 10:55:30 AM

I have a house owned by 2 family and do separate tax return and I want split on line 18 depreciation to 50% but on tubor tax can not do it. other expenses ok

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5 Replies
Expert Alumni
Feb 19, 2020 11:24:31 AM

To you would need to split the basis in Turbo Tax.  When you enter in the basis for depreciation, you would enter your 1/2 of the original cost. 

  1. If the original cost of the house is $200,000(including settlement costs), you will enter $100,000 as your basis so that your 1/2 of the depreciation is allocated correctly.

 

 

Level 3
Feb 19, 2020 11:32:23 AM

 

This worksheet from the CPA last year, and I want to put this on Turbo tax to calculate this year and the total should split 50% / 50% for two taxpayer. the Line 18 depreciation expense can not calculate the costs.

for two taxpayer. 

 

Expert Alumni
Feb 19, 2020 12:18:44 PM

i wouldn't rely on the worksheet from your CPA from last year. One thing i can suggest is for your to purchase the Turbo Tax Software program as this program may give you the functionality of entering information on forms and worksheets.  The correct Turbo Tax product to do this is either Turbo Tax premier or Home and Business. Here is a link to order the Premier product or if you are using Turbo Tax onlineenter the information the way I suggested earlier.

Level 3
Feb 19, 2020 12:36:38 PM

Hi Dave,

I using Turbo taxes Premier very long time, and now I try to input to CPA information to the Turbo tax but I have little problem with a rental house with 2 owner and I can not splits 50/50% on the line 18 depreciation expense each taxes owners, because that line 18 is not calculate the costs.

Expert Alumni
Feb 22, 2020 11:27:48 AM

It sounds like you have the entire value of the house on each of the returns. This is incorrect. If it is a 50/50 split then you need to divide the value of the house in half and enter that each of the tax returns. 

 

If you have only half of the value of the house on the return, it will calculate the depreciation correctly. In the rental section of TurboTax, go to the Asset section. In the Asset section, flip through the screens until you come to one that says Tell Us About This Rental Asset. This is where you enter the cost of the property and the cost of the land. If the taxpayer only owns half of the house, then the values on this page should represent that. The depreciation will change once you change these values.