Question

Schedule E for TurboTax Premier

Forum|Forum|1 year ago
March 11, 2025
1 reply
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I own 50% of a rental property but Turbo Tax is putting my depreciation at 100% on my Schedule E. If I override the error it comes up as an error and it will not allow me to submit my taxes electronically. This has been a miss for several years. Can't Turbo Tax fix this in the software?

M

MinhT1

If you own 50% of the rental property, when you enter the cost basis for your share of the property, you should enter only 50% of the cost basis of the property. TurboTax will then calculate the correct depreciation.

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C

chf117psuAuthor

OK - but the program gives you the option of entering the full amount of expenses and divided everything in half but not the depreciation.

D

DianeW777

This can become very complicated depending on facts and circumstances. My advice is to enter 50% of the cost of the rental home and 50% of the land so that your depreciation calculations are correct every year as suggest by @MinhT1.

Some expenses are fully rental while others may be a lower percentage which can also complicate the end results for your rental property. Time used for rental purposes is a factor that may not apply when using 50% of the rental itself and not a number of days.

@chf117psu

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