If the property is titled in the name of a legal partnership, any expenses would be reported on Form 1065, available in TurboTax Business.
If this is an informal partnership, in that both your names are on the deed, the property would be considered a "second home" for both owners. Until the property has been rented, you may deduct your portion of mortgage interest and property taxes on Schedule A of your personal return. Any other expenses (including repairs and upgrades) are added to the cost basis of the property.
To
enter the allowable expenses in TurboTax for desktop, use the Find box in the header.
Type in "itemized deductions", hit Enter, and click the jump-to link to go directly to the start of this
section.
Select "I'll choose what I work on."
On the Deductions &
Credits page, click Start beside whatever itemized deduction you wish to enter under Your Home.
Enter the expenses for your second home in the "Other property" box.
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