Do not allocate the income and expenses at 50% for you and your son since you indicated that your name was only on the deed for half of the year. You can allocate the income and expenses as you indicated by entering that you owned 25% of the rental property and your son owned 75% and letting TurboTax do the math for you. This will be accurate if the income and expenses are constant during the year. The other option is for you to select No at the Interview screen that asks you “Want us to divide the expenses for you?” You would calculate half the income and expenses for the first half of the year and enter those numbers on your return. Your son would enter the sum of half the income and expenses for the first half of the year and all the income and expenses for the last half of the year on his tax return.
For instructions, please review the TurboTax article Where do I enter income and expenses from a rental property?
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