How do you split rental income on Schedule E for MFS?
For line 21 of Schedule E, my tax preparer previously split our real estate loss total between me and my wife by multiplying by 0.5. So it was the same number for everything and he wrote x 0.5 on the form. We are MFS for student loan purposes. I can't find a way to do this on FTUSA. Please let me know how this can be done.
Answers
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Hello babu79,
Our software does not have a built-in ownership percentage field for Schedule E. To report your 50% share, you will want to manually enter half of each income and expense amount directly into the software. This is the same approach your tax preparer used, although you just enter the already calculated 50% figures for each line rather than the full totals.
You can find more information about reporting co-owned rental property here:
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