We own 1/3 of a recently inherited property that is a vacation rental. We received a 1099-K for the full amount of the rental receipts in 2021. The 1099-K for 100% of the rental income is in my wife's SSN#. However, the ownership is split 3 ways between my wife and her 2 brothers. All this info was entered into Turbotax, and Turbotax was able to correctly calculate 1/3 of the rental income and all deductions and depreciation correctly. However, my concern is how will the IRS know that we are only liable for 1/3? I was hoping turbotax would create a schedule showing the full amount of the 1099-K, the amount allocated to other owners, and the amount applicable to us. But I don't see a way for turbotax to do this. A CPA friend had indicated that's what he has done for clients before. Suggestions?
