With 33.33% ownership in a rental property, entering 100% of the income, shows 100% of the rental income and only 33.33 % of expenses in the summary page. Is this right?

[S-R-G]

I have 33.33% ownership in a rental property, I have selected the option \"Yes, I will enter total amounts and have TurboTax calculate 33.33%\". I understand, I should enter full 100% expenses and TurboTax will calculate my 33.33%. But, if I enter 100% of the income, in the summary page it shows 100% of the rental income and only 33.33 % of expenses. I am confused if turbotax is considering 100% or 33.33% of the income for the calculations. My question is, in this situation, how should I enter the rental income, 33.33% of my portion or 100% of the rental income. Also note, I got a 1099-MISC for my portion (33.33%) of rent from the business that is renting our property. (Same situation with my other 2 partners)

[AmyC]

The 3 of you are supposed to file a partnership return unless you elected a corporation status.  That return will give each of you a k-1 form to file with your personal taxes. You can't file 1/3 ownership of a house legally on your Sch E.

First, do what I suspect is a partnership return for the 3 of you using TurboTax Business. Then you can file your taxes with the k-1 form.