What do I do when Schedule E asks about percentag owned but it says with spouse? There is no spouse. I am filing single.

[garlandoddjobs]

My spouse died in 2018. I am now part owner with my son.

[gloriah5200]

If you and your son are co-owners of a rental property, you should probably be filing a partnership return and issuing k-1s to carry to your individual returns.  You will need to look at your partnership agreement for the % ownership.

I don't know who the owners were before your spouse died, but your spouse's portion of the property might qualify for a step up in basis due to inheritance rules, depending on the method of ownership.

[garlandoddjobs]

My son was added to deed before my husband died but we retained ownership for taxes. Now he is ready to take his ownership and I have both my husband's and my ownership. My son has 1/3 and I have 2/3. Seemed so simple at the time, now so complicated.

[DMarkM1 · Accepted solution]

If you are filing a joint return with your deceased husband this year you would click that the property is owned by both of you.  Later in the interview you will arrive at a question asking if you (both you and husband if joint return) are the only owners.  You will select no, someone else is an owner as well.  You will indicate that you have 66.7% ownership.  Then you will have the option to enter the total amounts and let TurboTax do the math or just enter your part of the income/expenses. 

If you are not filing a joint return, then you will indicate you are the sole owner initially and then in the follow on question indicate someone else is a co-owner and you own 66.7%

If you haven't made any or many entries yet, it will be easier to just delete the property and start over answering as above.  

[garlandoddjobs]

Followed your advice and started over. Thank you.