The correct way to enter the outstanding principal balance in TurboTax for a property you co-own is to enter half (in your case since you stated it's 50% ownership) of the amount shown on your 1098. Do the same for the amount of interest you paid.
To get back to that section of TurboTax, use the steps below:
Here's how to enter your mortgage interest statement in TurboTax:
- Open or continue your return, if you haven’t already
- Locate the search bar in the upper right of your screen, and search for 1098. Select the Jump to link at the top of the search results
- Answer Yes on the screen Did you pay any home loans in 2022?
- On the following screens, you can choose how to enter your 1098:
- If your lender is a TurboTax partner, you can import your Form 1098. Search for your bank or financial institution and enter your login credentials to begin the import process
- If you prefer to upload a copy of your form from your device, or type in the info yourself, select Change how I enter my form and follow the instructions on the next screens
- As you continue through the screens, answer the questions about your mortgage according to your situation and enter or confirm the info from your 1098
If you're using the mobile app, use these instructions.
