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).
Is there a way for me to go back and edit my percentage in the rental property?
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.
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.
I don't see the option to split ownership on my desktop version of TurboTax Home & Business. Does this feature still exist?
Yes.
It would be offered when you set up the rental.
Answer No to Property ownership
Answer Yes to "We Can Automatically Divide Your Income and Expenses for You"
If you started and wish to return,
click BUSINESS
click I'll choose what to work on
Scroll down to Rental Properties and Royalties and click Update
Thanks for the quick response! When I tap Update in Rental Properties and Royalties, I'm taken to:
1) So far you're not a real estate professional screen
2) Continuing from there, I'm taken to Review Your <Address> Rental Summary
3) Tapping on Update for General Property Information takes me to Is this a Rental Property or Royalty?
I've gone through these sub-flows within the Rental Summary screen a few times and I never see the question about ownership. If it makes a difference, I'm using the Mac (not Windows) version of Turbotax Home & Business 2021.
Is there another way I can get to this screen? Thanks for the help!
I highly recommend you simply enter ONLY your portion of the income and expenses in the program and only enter your portion of the property for depreciation and leave it at that. Letting the program do the math can be problematic at best so you own 100% of the portion of the property is allowed.
If you are entering this rental for the first time you can delete the rental and start the entry again from scratch ... and as always review the Sch E carefully for accuracy before you file.
I agree with Critter-3. Do the math yourself and enter only your share of the income and expenses and asset value (for depreciation). That way you can also enter any expenses attributable only to you, e.g. mileage and postage without worrying about TT do a wrong calculation. .