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I have a rental property where I am a 50% owner. How do I denote that? I am not eligible to take all of the losses on Schedule E, just half of that.
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I have a rental property where I am a 50% owner. How do I denote that? I am not eligible to take all of the losses on Schedule E, just half of that.
When you set up your Rental Property in the Property Profile, you can indicate your % of Ownership (screenshot).
TurboTax will calculate your % of income and expenses (screenshot).
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I have a rental property where I am a 50% owner. How do I denote that? I am not eligible to take all of the losses on Schedule E, just half of that.
Is there a way for me to go back and edit my percentage in the rental property?
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I have a rental property where I am a 50% owner. How do I denote that? I am not eligible to take all of the losses on Schedule E, just half of that.
I also live in the property as well. My brother and I purchased the property together 50% ownership each. I need to denote that I am 50% owner and expense 66.7% of MY expenses.
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I have a rental property where I am a 50% owner. How do I denote that? I am not eligible to take all of the losses on Schedule E, just half of that.
You will have to calculate your 50% of Mortgage Interest and Property Tax and enter those amounts in the Rental Expenses area.
For other expenses, if you indicate that you are renting 66.7% of your home, TurboTax will calculate that % (Utilities, for example) as Rental Expense.
Click this link for more info Renting Part of Your Home.
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