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March 23, 2025
Question

Rental property depreciation when owned by multiple people filing own returns

  • March 23, 2025
  • 1 reply
  • 0 views

I own 50% of a rental property with another person. I tell TT that I want to enter income/expense for the entire property and that I own 50%. It successfully divides all figures in half, except depreciation. This intuitively seems incorrect and should also be divided in half. What is the correct way to enter it? Is it a bug in TT?

    1 reply

    PatriciaV
    Employee
    March 24, 2025

    You need to enter half the property basis under Assets for Depreciation. TurboTax doesn't allocate depreciation based on the ownership percentage as it does for expenses.

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