You should choose to enter the full amounts for the property on your Schedule E and let TurboTax Home & Business use the Ownership Percentage method to calculate your correct Schedule E. To do this:
- 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 Yes, I will enter total amounts for...(property)
- Input your Ownership Percentage
- Continue answering the questions and complete the Rental Summary with the total costs for the property, including the 1099-MISC you received
Your Schedule E will then show your ownership percentage and apply that to the amounts. Your brother should include his share of the 1099-MISC on his own return as well.
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