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alexstatza
New Member

Sale of co-owned rental property (March 2016) property was not rented at all in 2016, so there is no income, but paid mortgage interest on the co-owned rental property

Do I claim half the sale value and half the acquisition expense?
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Accepted Solutions
LeeM
New Member

Sale of co-owned rental property (March 2016) property was not rented at all in 2016, so there is no income, but paid mortgage interest on the co-owned rental property

Yes, you will only enter the allocated amounts (based on your percentage of ownership) of the sale value, depreciation, expenses, etc.

The correct allocation entry into TurboTax is critical for the program to correctly calculate.

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1 Reply
LeeM
New Member

Sale of co-owned rental property (March 2016) property was not rented at all in 2016, so there is no income, but paid mortgage interest on the co-owned rental property

Yes, you will only enter the allocated amounts (based on your percentage of ownership) of the sale value, depreciation, expenses, etc.

The correct allocation entry into TurboTax is critical for the program to correctly calculate.

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