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I have 10% ownership of a rental, Can I take Full Depreciation of its total cost base?

I have 10% ownership of a rental property and my parents have 90% ownership of it with a tenancy in common deed in Massachusetts.

I solely manage the rental property, collect all the rental income and pay all the expenses for it.  For the tax, I know I can input my actual rental income and expenses. But for the rental depreciation deduction, Can I take the full depreciation deduction of its total cost base, as same as I own 100% of it, if I have agreement with my parents and they don't include this rental income or any deduction in their tax return?

1 Comment
TurboTax Specialist

I have 10% ownership of a rental, Can I take Full Depreciation of its total cost base?

No. If your ownership interest is 10%, then that is the value of the property that you can list as an Asset and depreciate. Your parents would be able to depreciate the remaining share.