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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.
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Accepted Solutions
DMarkM1
Expert Alumni

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%?

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.

 

 

 

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1 Reply
DMarkM1
Expert Alumni

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%?

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.

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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