I own 50% of an investment property. I elect to have TT allocate share. My 1099 only reflects my income. Do I input that as is, or double it since TT will apply 50%?

My business partner and I both get 1099s, each reflecting our share of the the total income. I usually input 100% of expenses and have it share it but not sure what to do with income since the 1099 reflects half.

295

1 Best answer

Expert Alumni

Apr 4, 2022 5:55:12 AM

TurboTax is not going to divide the income. You will enter the amount of income that belongs to you. The allocation election is for expenses.

Expert Alumni

Apr 4, 2022 5:55:12 AM

TurboTax is not going to divide the income. You will enter the amount of income that belongs to you. The allocation election is for expenses.

Why sign in to the Community?

I own 50% of an investment property. I elect to have TT allocate share. My 1099 only reflects my income. Do I input that as is, or double it since TT will apply 50%?