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Entering Income for rental property that is 50% owned

Hello - I own rental property with my sibling - 50%-50%. In TurboTax, I have checked the option where I enter 100% of the taxes, expenses, etc. and TurboTax reduces everything by 50%. When I enter in the expenses, under the entry box, there's a little reminder to enter the full amount since TurboTax is "doing the math to allocate my expenses." However, when I enter the rental income, there is no reminder to enter the full amount. So, do I only enter 50% of the income or the full 100% of the income? Thanks!

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2 Replies

Entering Income for rental property that is 50% owned

You only enter your portion of the income.  Then review the Sch E carefully before filing for accuracy. 

Carl
Level 15

Entering Income for rental property that is 50% owned

This is why I recommend that you do all the splits manually yourself. Even when you elect to have the program do the splits for you, there are some things it just can't split.

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