I owned 50% share of a rental property , and the property was sold in 2019.
The number on my Fed 1099-S is my share of number only (50% of the total sale price).
At the beginning of the rental property pages at turbotax, I selected to input the Total numbers, and have turbotax calculated my portion based on the 50% share.
At schedule E, I can see the regular rent and expense was taken by 50% per the total numbers that I input.
However, for the sale related numbers, including the followings:
1. the total sale amount of property price/land price (I input the 100% full amount shown at final hud-1 form, but Not the 50% amount as shown on my 1099-S here).
2. the total property sale expense/land sale expense,
3. overall rental property purchase cost
4. the purchase land cost
5. the Prior depreciation
I can not tell if Turbotax eventually report 50% of those numbers or the original 100% numbers or not.
My questions are:
1. how can I verify if turbotax did the 50% calculation or not for the house sale numbers?
2. If not, should I input 50% HOUSE SALE numbers by myself (although I still input the regular 100% rental income and expense, as I know turbotax counted 50% for regular rental income/expense numbers).
4. For my 50% share of number shown on my 1099-S: should I strictly follow 1099-S to input, or should I input the grand total 100% number and leaving Turbotax to do the calculation to make it match my 1099-S number?
Thanks.
