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On turbotax premium, I own two different rental properties that were both acquired in 2016. I only have 50% ownership of each. how do I split depreciation calculation?

Forum|Forum|7 years ago
June 1, 2019
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I have manually split all other cost inputed, but I can not edit depreciation to half too.

TurboTax Premier Online

Best answer by view2

"I have manually split all other cost inputed,"

Enter only your 50% ownership of total purchase price as the asset value to depreciation [same with 50% land value land is not depreciate] of each property. Turbotax needs both to correctly separate the land value for only your 50% of ownership of land and improvements.

When and if sold you will only receive 50% of the proceeds and have your correct 50% adjusted coat basis entered correctly. .

V

view2Answer

Employee

"I have manually split all other cost inputed,"

Enter only your 50% ownership of total purchase price as the asset value to depreciation [same with 50% land value land is not depreciate] of each property. Turbotax needs both to correctly separate the land value for only your 50% of ownership of land and improvements.

When and if sold you will only receive 50% of the proceeds and have your correct 50% adjusted coat basis entered correctly. .