chachi1
New Member

If my wife and I share a rental property, will Turbotax split the total income automatically between us? Or do we have to divide it ourselves?

I thought in previous years turbotax automatically divided the rental income between us but it's not doing that this year. Maybe it is trying to even out our income or did I miss a box somewhere? I did tick the 50% ownership box.
‎April 6, 2022 3:32 AM
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RyleReed
Level 3

Investors and rental owners

Yes, TurboTax software automatically calculates for both of you when you follow the steps below to make sure the ownership percentage is correct:

  • Click Find (the magnifying glass) on the top right-hand side of the screen.
  • Type Rental properties on the search bar.
  • Click GO.
  • On the Rental Property screen, select both spouses and Continue.
  • On the Rental Summary, screen click on Enter new rental income for each spouse.
  • On the Rental Profile screen check-off Details of Other Owners and Rental Income.
  • Click Continue.
  • On the T776 Partner Details Statement screen, enter the details only for your spouse at the percentage you want to cover then Continue.
  • Enter the information on the T776 Rental Income screen and click Continue then Done.
  • On the Rental Summary screen, you will see the proper percentage you entered.
  • Click on Done With Rental Income to save your information.

Please check out the photo below:

T776.png

 

Thank you for choosing TurboTax.

‎April 6, 2022 10:35 AM
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