I am a 50% owner of rental property. The software correctly took 50% of the entered amount for the rent-income, but then used 100% for the expenses, instead of 50%. BUG!

[freiburgbill]

This looks like a turbotax bug!   Values for rental property income and expenses are listed for last year 2019 and this year 2020.  The income is exactly the same for both years.   The total expenses for 2020 was a few hundred less than 2019,  but then the end result is a loss that is over 10 times what it was for 2020.  It was very hard to find a way to look deeper into what was happening, like looking directly at the Schedule E that gets filled out from the entered information.  The only way I found to be able to look at the Schedule E was to finish the return and send it!   Now that I can see the schedule E I can see that 50% of income was used and 100% of the entered expenses were used!  This looks like a TurboTax BUG!

[Critter-3]

OK ... I suggest you indicate you own 100% of the property (the 1/2 you own is 100% owned by you)   and enter in only your portion of the income and expenses. 

[freiburgbill]

Critter thanks for the reply, but it also would not be correct.   Now that I know the problem, I could have entered just my half of the expenses and 100% of the income.  This is a bug in the software!  It worked last year and it is not working the correct way this year.  The thing that made it worst, is I could not easily find a way to view the Schedule E, until after the sent in the return.   The quality for TurboTax really sank this year.  Looks like they have been trying to cut expenses and are cutting the quality of the software.  Another bad point, I have no way to complain directly to TurboTax about this.  I paid for software that does not work correctly.

[Critter-3]

The IRS never sees the % you enter in the program ... that is only for calculation purposes.  Glad you found the other work around. 

[freiburgbill]

Critter, Have you read what I have written?  This is a bug in the TurboTax software that caused double the desired values to be entered!   The IRS does care if you claim double for what your actual expenses were!

[Carl]

On the screen that asks me to enter my percentage of ownership, is this note:

"The percentage you enter here applies only to your expenses. The cost of your assets must be entered as the amount that represents your ownership percentage"  So be aware that the program does not and will not split asset values.

Now when I entered $1000 worth of expenses and was returned to the "Review Your [propertyname] rental summary screen, it correctly shows $500 of expenses, for the $1000 of expenses I entered. When I review the actual SCH E to be filed, it shows the correct amounts for each expense (half of what I entered) and the total on line 20 of the SCH E is also correct for that property - being half of the total expenses I entered.

So I'm not seeing an issue here, as it works perfectly as advertised for me.  Take note I'm using the CD version of TTX Home & Business.

[idahong77]

I agreed with @freiburgbill. It is still a bug that only exists in the online version. CD works fine.

When I elected to let Turbotax calculate the 50% ownership for me, I still needed to enter the full 100% for the rental income too. The bug here is that the income field doesn't show the calculated amount like an expense fields does, instead it still shows the full amount. It's misleading as it makes me to enter the half amount myself as I should do for Asset, which will end up messing up the net income. This needs to be fixed for sure.

I imported online data to CD and found a huge discrepancy on the net income. I almost spent more than an hour with an agent from Turbotax over the phone, screen sharing, comparing side by side between online and CD, etc. She couldn't figure it out. 

Lastly, I also tried to elect to enter the calculated amount myself, then it matched all as the CD version.