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Question

Proper Depreciation allocaiton

Forum|Forum|3 years ago
April 6, 2023
1 reply
0 views

I own 50% of a rental property and each of my two children own 25% each. The proper depreciation in round numbers is a total of $20,000 per year. I get $10,000 and each of my children get $5,000.00 Turbo tax is allocating the full amount of $20,000 to each of my children, along with $20,000. to myself. The other expenses were allocated correctly.

I tried to override it but Turbo Tax will not allow me to e file with the override.

Is there something I did incorrectly?

Jeff

for the asset you enter 50% of cost for your return and 25% on each child's return. do not use 50%/25%/255 business use of the full cost. this will create problems should the property be sold.

either that or file a partnership return.