For 50% ownership in a rental property, should I enter only 50% of the FMV of the property for depreciation to be calculated?

Forum|Forum|3 years ago
April 13, 2023
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TurboTax Premier Online

MAK70

Yes, you will want to enter the amount that represents your share of the income and expenses.

moffatconnelAuthor

Thanks so much! Turbo Tax auto calculated 50% share of income and expenses for me as that was a specific option I could pick to have them do.

For clarification, you are saying 'yes' regardless of that....I should only enter 50% of the FMV for the depreciation calculation? Want to be sure Turbo Tax will not divide that value in half as they did with the income and expenses. Which would result in too low a depreciation number.

Thanks for the clarification!

MAK70

If you indicated that you owned 50% and TurboTax divided the amounts, you do not have to make the adjustments- as long as the amounts reported on the Schedule E represent your share. (I apologize for the confusion, TurboTax will divide the amounts.) @moffatconnel