In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
If you are claiming 50/50 for income then you need to claim 50/50 for the expenses also.
For more information please see our TurboTax FAQs:
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
Thanks @TurboTaxGinette! I understand that we need to split the expenses, but it seems that TurboTax automatically splits our 50/50 income, so I'm wondering if we need to divide our total expense costs by two and physically enter those amounts in each of our relevant sections OR if the system will work out that we are dividing the expense costs between us so entering the total amount in my section (which is then replicated in my partner's) is the way to go. Hope this is making sense and thanks for your help.
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
If you each have the 50% ownership indicated then you will put the full amount of the expenses on each return and TurboTax will calculate the 50% for each of you on your perspective returns.
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
So does that mean I'm also putting the full income onto both of the pages as well (given the 50/50 partner indication) or split the income?
In Rental Expenses, for my and my partner's 50/50 shared property, should we each be entering 50% of the expenses, or the total amount instead? Thanks!
@KaraB22 Correct, If you each have the 50% ownership indicated then you will put the full amount of the income on the return and TurboTax will calculate the 50% for each of you on your perspective returns. You can see the details in the "Detailed Summary".
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