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married filing separate rental depreciation

Forum|Forum|6 years ago
April 16, 2020
4 replies
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I have Proseries basic and my married filing separate client owns property in 2 other states. I have listed him as a 50% owner therefore Proseries cuts the income and expenses in half with the exception of depreciation. Is the only way to remedy this problem to override the depreciation amount on the Sch E?

ProSeries Basic

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Best answer by Just-Lisa-Now-

She should list 50% of the asset basis on her return also, and she'll do her Sch E the same as his 100% of expenses as 50% owner.

Intuit Community Champion

Intuit Community Champion

Then you'd list the property basis at 50% so the correct dep is calculated

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Level 5

Thank you for your quick response Lisa!

So you are saying that I should only list half of the cost of the asset?

But when he gives the other owner a copy of the sch E it will not show the full depreciation so that she sees what to put on her return.

Am I not thinking clearly?

Thanks again,

Monica

Intuit Community Champion

Answer

Intuit Community Champion

She should list 50% of the asset basis on her return also, and she'll do her Sch E the same as his 100% of expenses as 50% owner.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪