Depreciation of Property

Forum|Forum|1 year ago
March 17, 2025
1 reply
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I own 50% of a house with my sister-in-law. She let's me know what our expenses are, etc. She does her own taxes and gives me the schedule E for our property. However, when she puts the amount of depreciation in, she puts in the same amount each year, whereas turbo tax uses the accumulative amount for the years owned. We need the Schedule E to be the same. How do I override the amount that is automatically input by the software. I tried the control+D and it didn't work. Help!

Rental Property

DianeW777

It depends. In each of your tax returns, you need to split the cost of the property for your house asset (building and land) for the house asset. This will calculate the correct amount of depreciation for each of your individual tax returns. This may be causing the incorrect depreciation or an amount doubled.

Select Residential Rental Property and TurboTax will use 27.5 year recovery period.

This is the method that will provide the solution and will also be helpful should you sell the property later on.

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