Rental property depreciation (SCH E Box 18)

nscherneck
nscherneck Member Posts: 1 Newcomer
in Filing my taxes

Is it possible to manually edit this box? My SO (unmarried) own a rental property and split everything 50/50, but so far looks like the software wants to claim 100% of the depreciation.

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Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 239

    Hi nscherneck,

    Thanks for joining our Community!

    It sounds like your significant other is a co-owner of a rental property. Assuming he or she is filing their own tax return, claiming 50% of income and expenses will include depreciation on the rental as well. They'll need to use 50% of the value of the property when placed in service.

    For example, if the value of the property when placed in service is $350,000 and the land value is $25,000, in FreeTaxUSA software they will enter $175,000 (350,000/2 = 175,000) for the property value and $12,500 (25,000/2 = 12,500) for the land value as the basis or starting point for depreciation.

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