Generally, two things can happen when you execute an over ride.
- The TurboTax 100% accuracy guarantee is nullified
- You will not be able to e-file. You will have to print, sign and mail the tax return.
Generally, if you report 100% ownership of the property, and just enter half of everything (your half of the cost basis, your half of all expenses, your half of all income, etc.) then it all works out fine.
