While you still need to report that you only own 50% of the property, you can change the calculation of the allocation of income and expense to say you will split the costs - since the property management company has already done that for you. To change this calculation please follow these steps:
- Within your return use the magnifying glass to search Schedule E
- Click Jump to schedule E
- Answer the questions appropriately until you get to the We Can Automatically Divide Your Income and Expenses for You page
- Choose No, I will calculate my own allocation for...(property)
- Continue answering the questions and complete the Rental Summary with the costs for the property from the statement provided by the management company
TurboTax will no longer apply a percentage calculation to your amounts since you have told it you already applied the calculation before entering the data.
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