Rental shared ownership

[RKZO]

I share ownership of a piece of land w a sibling. I receive the rental fees and pay all expenses. How do I handle this in turbo tax.?

[ColeenD3]

You can claim it all, but if you decide to sell it, you will have to make adjustments to show split ownership.

If you are renting out land for cash, you can deduct all expenses associated with this income. You will need to report this activity on Schedule E of your tax return. Go to: Federal Taxes (Personal in Home & Business version) - Wages & Income - Scroll down to Rental Properties and Royalties, and report income and expenses associated with the rented land.

These instructions are only for land rented for cash, not percentage of crops or livestock. If land is rented out for percentage of crops or livestock, rent income and expenses should be reported on Form 4835.

[RKZO]

Yes, my question was answered. Thank you!!