My ex-wife and I sold a rental home in 2016. Schedule E, I indicated we were 50% owners each. It calculated a $34K loss for each of us. Should it be 17K each or 34K?

[bryant1612]

In Schedule E, I indicated for both of us we were each 50% owners. Schedule E calculated for each of us a $34K long term capital loss. I need to know if it should be $17K each or if we can both take the $34K loss. If we should take the $17K loss, I need to know how to do that in Schedule E using Premier.

[TaxGuyBill]

Without knowing all of the numbers, nobody here can tell you how much of a loss there was.

[view2 · Accepted solution]

My ex-wife and I sold a rental home in 2016.

You have to each depreciate and enter your 50% of original purchase price in the Turbotax program in the asset section to correctly allocate the basis ,50% of proceeds and 50% of loss..

.federal taxes/ wages & income/ select specific topics/ rental and royalties/ /view list(then )

I'll chose what I Work on.

your rental summary

Property Profile

Rental income 

Expenses 

Assets<---------<<<<< here click update or start

Vehicle Expenses

Review this information to check that only your 50% of the total purchase price has been correctly entered.[50% of land value is separated as land is not depreciated]