There are two owners of a rental property. Where do I enter information of each and how do I split the income/loss result

Forum|Forum|6 years ago
December 7, 2019
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ProSeries Professional

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Best answer by Just-Lisa-Now-

You will be preparing the returns for both owners?

You will make the split on the Sch E worksheet....which version of ProSeries are you using?

taxiowa

Level 8

Each owner of the partnership will receive a K1 showing their individual share of the net profit(loss). There is not really any legal precedent that I know of to file 1/2 on one owner's Schedule E and the other on the other owner. Maybe there is a regulation or IRS ruling dealing with 2 co-owners not considered a partnership?