Question

I have a rental property in 50/50 partnership (not a business) with a friend. TurboTax splits the expenses, but it's unclear how income is to be reported (full/50/50)?

Forum|Forum|3 years ago
March 19, 2023
1 reply
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There is nothing that says that it is splitting income, Turbo Tax only talks about splitting the expenses. Should I split the income myself based on my share in the rental property/rental income or TurboTax is doing it for me in the background like it splits Expenses?

TurboTax Premier Online

A

AnnetteB6

If you entered that you only owned 50% of the property and you are entering 100% of the income and expenses, then TurboTax is applying the 50% to both the income and expenses.

Be sure to look closely at the information on the screen because if there are any exceptions to the program applying the ownership percentage, they will be shown.

You can look at the Schedule E Worksheet that is created for the property and the Schedule E that is included as part of your tax return to see that the income and expenses have been calculated according to the ownership percentage. The worksheet will show the total amounts entered along with the amounts that will be reported on the Schedule E itself.

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