I have numerous questions on the tax deductions regarding a rental property owned by two people. Certain things can be deducted from your income tax each including property taxes, improvement costs and depreciation. When comes to these deductions as far as I know you can only deduct them if you go with the itemized deductions option, otherwise I don't think you can deduct these when using standard deductions (correct me if I am wrong.). Also when you are selling your house you need to pay capital gain tax for that you need to calculated the adjusted basis for your home. In the calculation of the adjusted basis you should subtract depreciation values.
If you have used standard deductions so far do you still need to subtract the depreciation value when calculating the adjusted basis for capital gain tax?
How does the situation change if the property is LLC with two members? (regarding the calculation of the capital gain adjusted basis)
If the property is LLC (unlike other costs than can be paid by the bank account owned by the LLC) the depreciation deduction can only be done by members individually on their own income tax. Should each member deduction 50% percent of the depreciation value?
What if one of the members uses standard deduction and the other one uses itemized (in an LLC), should the person deducting the depreciation in this situation still deduct only 50% of the depreciation?