Question regarding filing up T776 for me and my spouse

[cdoomasia]

This is the first year my spouse and I are co-owners of a rental property: 

1. I am Assuming both of us have to fill up T776 form? 

2. In the Part 1 "Identification" section of T776, when I fill the form I use my name and my spouse's details goes in Part 2 "Details of other co-owners" and when my spouse fills up his returns does he use his name in Part 1 or would it still be my name?

[TurboTaxSusan]

Yes, if you are co-owners of the property you both must fill in a T776 – one for each of you.

On your T776 you would put your name and info in part one, and your spouse would be listed as a partner. On your spouse’s T776 you would do the opposite. His name would go in part one and you would be listed as the partner.

If you are using the EasyStep interview mode, after you have added the T776 for the 1st spouse, TurboTax will ask you if you want to copy the info to a new T776 for the 2nd spouse.

If you are using the Forms mode, you can fill out the first T776, then choose Edit>Forms>Copy/Transfer Form from the top menu. This will give you the option to copy the data to the other spouse, and you can then go in and add the needed info in the partnership section.