I co-own a house with my wife that's now being used as a rental. We file separately. Is our ownership percentage 50% each?

Forum|Forum|3 years ago
March 13, 2023
1 reply
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Basically want to make sure that since we're filing separately, we are each 50% co-owner. If we filed jointly, I presume this would be 100%.

SharonD007

Yes, both of you would enter 50% for ownership on your separate tax returns since you indicated that you are both 50% co-owners. When you set up your rental property, both of you will indicate that your ownership is 50% on the property ownership screen. TurboTax can also divide your income and expenses based on your ownership percentage.

To enter your rental:

Launch TurboTax
Search for rentals in the search bar at the top and select Jump to link
Answer yes to the question, Did you have any income from rentals or royalties?
Follow the instructions on the interview screens to enter your rental property information.

For detailed instructions, please review the TurboTax Help article Where do I enter income and expenses from a rental property?

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