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?


I did some more digging of the old Q&A and think I found the answer.
Need to enter the expenses at 100% for both me and my wife instead of 50%.
The personal portion refers to personal use of the expensense instead of % shared between the parties.

Was this answer helpful? Yes No
Default user avatars original
ericT , Mr

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community