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 and Rental expenses.
- 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.
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Please see the FAQ on TurboTax:
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