Based on my percentage of ownership, Turbo Tax takes my 1099 rental income then calculates a percentage of the 1099 rental income based on the percentage of ownership. The rental income on the 1099 is what I received for tax year 2019. Example a rental income on a property is $100,000 for the year. My ownership is 5% so I receive $5,000 of rental income and that amount appears on the 1099 I receive. When I input the $5,000 for the 1099 rental income, Turbo Tax applies my 5% ownership on the $5,000 income resulting in only showing income of $250 for tax year 2019.
