Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
B
brigettedavis22
January 20, 2025
Question

how do I account for a purchase of fractional ownership in real estate

  • January 20, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    M
    Mike9241
    January 21, 2025

    if this is rental real estate, multiple owners probably require filing a partnership return so each owner properly reports their share of any profit or loss. failure to file such a return, if required, can result in substantial penalties.

    if this is not rental real estate, then each owner might need to report their share of expenses - likely only mortgage interest and real estate taxes - on schedule A. 

     

     

    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification