Is there an error in entering the rental income? I have a rental property shared between me and my wife but Turbotax is only splitting the expense but not gross income.
We have aquired a rental property last year and the gross income is about 27000, while the expenses are about 20000. So the net income is 7000, shared between me and my wife, 3500 each.
However, when I enter the gross income fully and expense fully, while stating the the ownership is 50/50.
The program uses the entire 27000, deducting 50% of the expense, 10000, resulting a 17000 net income, which is then split between me and my wife, at 8500 each.
Instead of "(Gross - Expense) / 2" = Net, the program is doing "Gross - (Expense / 2) = Net".
Is there a way to fixt this issue? Or should I use another software instead?