Thank you for your question.
In EasyStep
If you are preparing a joint return with your spouse, and the rental is owned with your spouse, you will indicate details of other owners. On this screen, you will see spouse at top and you will indicate their percentage of ownership. You will then enter full income and expenses. The net income after expenses are deducted will be split based on percentage of ownership. You will see the rental split under both of your names.
If the other person is not your spouse, you will enter their name in as a partner and the percentage. The same applies, for entering full amounts, net income then is prorated on your percentage of ownership. The other partner will claim their portion of the rental, on their return.
Thank you for your question.
In EasyStep
If you are preparing a joint return with your spouse, and the rental is owned with your spouse, you will indicate details of other owners. On this screen, you will see spouse at top and you will indicate their percentage of ownership. You will then enter full income and expenses. The net income after expenses are deducted will be split based on percentage of ownership. You will see the rental split under both of your names.
If the other person is not your spouse, you will enter their name in as a partner and the percentage. The same applies, for entering full amounts, net income then is prorated on your percentage of ownership. The other partner will claim their portion of the rental, on their return.
person7
Returning Member
Chris59
Returning Member
Sensei
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.