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Get your taxes done using TurboTax
I'll answer your questions by your numbers:
- Yes. If you agreed in the divorce to split most things from your prior years' returns, it makes the most sense to include this in the split.
- Yes, just be sure that if it is an odd number you don't both round up so the total new carryover is slightly higher than the joint.
- You do not need to split the rental details, you need to change the ownership % in the details about the rental.
- To do this in TurboTax Online you can follow these steps:
- Within your tax return click on Wages & Income in the black menu bar on the left
- Click Edit/Add for Rental Properties and Royalties (Sch E)
- Click Edit for your rental property
- On the Do any of these uncommon situations apply to XXX? screen click I was not the only owner of this rental
- Enter your ownership percentage on the next screen
- On the Want us to divide XXX expenses for you? screen click Yes, I will enter total amounts and have TurboTax calculate 50% since you have depreciation and asset value carrying over from prior years
- To do this in TurboTax Online you can follow these steps:
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March 15, 2023
11:47 AM