Kingswife
Level 2
02-05-2021
07:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
After entering the assets for the rental property the depreciation calculates at 100 percent but all of the other expenses are at 50 percent. Do I have to put 50 percent ownership on all the assets? If I do they don't calculate correctly.
Labels
Just-Lisa-Now-
Level 15
02-05-2021
07:12 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If they only own 50%, I only put 50% of the asset cost.
If they bought a house with someone else for 500K, I only put 250k as their asset cost.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
If they bought a house with someone else for 500K, I only put 250k as their asset cost.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Kingswife
Level 2
02-05-2021
08:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I was wondering if I would have to do that. My old tax program had you put in the amount at 100 percent and show 50 percent ownership and it calculated it correctly. I will try this because I don't see another way around it. Thank you for your response.