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February 9, 2021
Question

sale of rental property

  • February 9, 2021
  • 1 reply
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I own 50% of a rental property that we sold this year. My 1099 shows half the proceeds that i receive but when i put the total sale in it appears to be showing my loss as the entire loss instead of 50% and if i put the portion i received it inflates the loss.  I have it set up to prorate the expenses with the 50%  How do i put the sale in so that turbo tax calculates it correctly.  

    1 reply

    ColeenD3
    February 9, 2021

    Yes, you will have to do the division yourself for the sale. Half everything including the basis, improvements, sales price, depreciation and expenses of sale.