Rental property allocation of depreciation

I can't explain the "why?", but here's how to report a 50% interest in a rental property.  You can either treat it as a partnership and report 100% of revenue, expenses, etc. on Form 1065.  The 1065 will include a Form K-1 for each owner/partner, assuming there are two of you.  You will then enter the K-1 to report your share of the income and expenses.  The other option is to report 50% of everything on your tax return.  If you choose the later, you will set up assets for the house, and the land, (as well as any other assets) using 50% of the actual costs.  So, if you paid $120,000 for the rental property and the value of the land is $20,000, you will set up a non-depreciable asset for the land of $10,000, and a residential rental property of $50,000.  No adjustment to the depreciation will be necessary.