Question

Depreciation

Forum|Forum|6 years ago
March 7, 2020
1 reply
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I'm entering my rental property expenses for and all expense come out correctly Except for depreciation.

I am a 1/3 owner and depreciation comes over at 100%. How do I correct this problem on Turbo Tax?

If you are a 1/3 owner of a rental property, you should set up an asset that represents 1/3, not the entire property. For example, if the total cost basis in the building is $150,000 then you would set up an asset with a cost basis of $50,000. Likewise, if your land had a cost of $45,000, you would enter an asset with a cost of $15,000.

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