I owns 50% of a rental property. In last few year, I reported 50% of the income and expenses. In 2020, I was the one who handle the rental. Per the agreement with my partner who owns another 50% of the rental property. I paid all expenses and received all rental income. Therefore, I will report 100% of rental income and expenses. My question is can I claim 100% of the depreciation of the rental property?
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No, you only own half the building so only half is depreciated for you.
Then why does TT calculate 50% on income and expenses but does not halve the amortization and depreciation? Do I have to override what it calculates?
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