does turbotax calculate the sale proceeds and costs by taking the ownership percentage?

[jameszhjw]

I owned 50% share of a rental property , and the property was sold in 2019.

The number on my Fed 1099-S is my share of number only (50% of the total sale price).

At the beginning of the rental property pages at turbotax, I selected to input the Total numbers, and have turbotax calculated my portion based on the 50% share.

At schedule E, I can see the regular rent and expense was taken by 50% per the total numbers that I input.

However, for the sale related numbers, including the followings:

1. the total sale amount of property price/land price (I input the 100% full amount shown at final hud-1 form, but Not the 50% amount as shown on my 1099-S here).

2. the total property sale expense/land sale expense, 

3. overall rental property purchase cost

4. the purchase land cost

5. the Prior depreciation

I can not tell if Turbotax eventually report 50% of those numbers or the original 100% numbers or not.

My questions are:

1. how can I verify if turbotax did the 50% calculation or not for the house sale numbers?

2. If not, should I input 50% HOUSE SALE numbers by myself (although I still input the regular 100% rental income and expense, as I know turbotax counted 50% for regular rental income/expense numbers). 

4. For my 50% share of number shown on my 1099-S:  should I strictly follow 1099-S to input, or should I input the grand total 100% number and leaving Turbotax to do the calculation to make it match my 1099-S number?

Thanks.

[SusanY1]

For the sale of the home, only input the 50% that you received - it is okay that it doesn't match the 1099-S, but keep good records of the transaction including information about the other owner in case the IRS should ever inquire about the report of the sale (this is not common, but it is best to be prepared just in case.)

[jameszhjw]

To clarify the actual situation by following up the response "For the sale of the home, only input the 50% that you received - it is okay that it doesn't match the 1099-S":

The 1099-S to me takes 50% already actually.  e.g. The total sale price is $200k, and the 1099-S sent to me shows $100k. 

So when I input the sale price and the cost basis, I should input the followings, right?

(1).  Sale price: $100k, which actually matches my 1099-S

(2). Cost Basis:  (Sales expense + the original purchase price) * 50%

Is this the right approach? Thanks!

[Stinkerbellkity]

Yes, that's the correct approach.  Cost basis should be only that portion you own because that's the only amount you yourself can depreciate.

[jameszhjw]

So even if  "At the beginning of the rental property pages at turbotax, I selected to input the Total numbers, and have turbotax calculated my portion based on the 50% share.":

The above 50% auto calculation way by TurboTax only applies to the rental, routine rental expense, depreciation, etc.;  But for House sale, I should still input my 50% portion of all numbers, but I should NOT rely on TurboTax to do the 50% calculation automatically for me , Right? (even if  "At the beginning of the rental property pages at turbotax, I selected to input the Total numbers, and have turbotax calculated my portion based on the 50% share.")  

Thanks.