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Joint ownership of rental

My wife (who I file jointly with) owns a rental property with her 3 other sisters - each owns 25%.  Where in TurboTax (in the step-by-steps method) do I enter this 25% ownership?  I did not see the question come up when I entered the details of the rental property.

 

In prior years, we've been using an accountant to do our taxes.  I believe she manually applied a 25% of all the income and expenses on schedule E.  Is that what I have to do also here in TurboTax?  If so, how do I do that in schedule E?

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1 Reply
MinhT1
Employee Tax Expert

Joint ownership of rental

As your wife owns 25% of the rental property (and I assume she takes 25% of income and expenses), you should report 25% of everything, income, expenses, depreciation, on your Schedule E.

 

You can describe the property as 25% share in property at [address].

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