Using TurboTax Premium. Rental house, sched E. Entered my ownership share as 50% and then full amounts for all values (income, expenses, etc.). Looking at the TTax Schedule E worksheet it properly applies the 50% to all values except mileage (as expected as this differs for each partner) and depreciation, which is carried over fully (50% not applied). In reading the IRS rules it seems the depreciation should be split by partner according to ownership percentage (in this case, 50 / 50).
Do I understand this correctly? If so, I guess the only resolution is to manually alter the value in the TTax depreciation worksheet. However, if I do that and then import it next year I wonder what the effect on 2024 depreciation will be?
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You will need to alter the actual value of the property that was entered. The system doesn't divide the depreciation - you need to enter 50% of the value of the property so that it will depreciate only your share.
UPDATE: it won't let me change the depreciation value on the worksheet or any other form where it appears. It appears I must file with a known error. Does anyone know how to report a TTax bug?
You will need to alter the actual value of the property that was entered. The system doesn't divide the depreciation - you need to enter 50% of the value of the property so that it will depreciate only your share.
That worked! Thanks!
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