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Investors & landlords
As Mike9241 stated, if 2 parties own a property then the income and expenses allocation should be based on the ownership percentage. The primary social security number on any 1098 or similar forms for the properties in question should determine who lists what first. There are indication boxes to check if the ownership is to be split on a percentage basis. The second party would take their percentage and list it as normal also with the associated checkbox showing partial ownership. The Following steps should assist you:
- In the wages and income section scroll down to rentals, royalties, and farm
- At Rental Properties and Royalties (Sch E), click start
- Answer the basic question on the next 8 screens
- On screen 9 it will ask if any of these uncommon situations apply and click you were not the only owner of the property, click continue
- The next screen will ask what percentage of ownership you have. Enter the percentage and then click continue
- Follow along as the questions will be if you want TurboTax to calculate the allocation for you. It is your decision.
I suggest you have your partner with you when all this is being prepared as they will have to follow the same procedure. If you have TurboTax Live! you can also call in for assistance if you get hung up at any point.
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‎January 30, 2023
11:00 AM