Schedule E Depreciation allocation for multiple owners

Forum|Forum|3 years ago
March 23, 2023
1 reply
26 views

New client to me. Owns 47% of a residential rental property. All expenses recalculated using the 47% except for the depreciation. The schedule E worksheet does not all me to allocate depreciation and therefore by default this client is showing 100% of the depreciation. Does anyone know a fix around for this? Thanks in advance!

ProSeries Professional

This topic has been closed for replies.

Best answer by TaxGuyBill

Go to the Asset Entry Worksheet and do either (a) enter 47% as the business percentage, or (b) change the Basis to 47% of the total cost (the Basis of your client).

T

TaxGuyBillAnswer

Level 15

Go to the Asset Entry Worksheet and do either (a) enter 47% as the business percentage, or (b) change the Basis to 47% of the total cost (the Basis of your client).

J

jcashAuthor

Level 3

thanks Bill.

I did try using the business percentage but it came back incorrect. (I think because its below 50%.

I will reduce basis as a fix.

This is sort of crazy that they don't allow application of the ownership % on Schedule E.

BobKamman

Level 15

Not any crazier than thinking all owners have the same basis. Your guy could have bought the 47% from a previous co-owner, or inherited it from someone who left it to him along with stepped-up basis.

Sign up

Login with SSO

Let's get you signed in

Login with SSO