andycw-lai
Returning Member

I rent out an apartment and have 50:50 split with another on the rent. However, I pay all the costs and bought all the assets. How do I report this in Turbo Tax?

 

Investors and rental owners

Are you renting out a property that you own or are you sharing a rental with someone else?
andycw-lai
Returning Member

Investors and rental owners

Renting out. We split rental income evenly but I pay all the costs

Investors and rental owners

Unfortunately, because you are a renter, you are unable to claim the extra expenses and assets.

If you are a a resident on Ontario, you can claim the rent on the ON-BEN.

If you are a resident of Manitoba, you can claim the rent amount for the "Education property tax credit" (MB479).
andycw-lai
Returning Member

Investors and rental owners

I am a landlord

Investors and rental owners

Sorry, I misunderstood your original response.

There are different ways to handle this using TurboTax.

Is the co-owner a spouse that you're preparing a joint tax return with?
andycw-lai
Returning Member

Investors and rental owners

Co owner is my sister
andycw-lai
Returning Member

Investors and rental owners

She files her own taxes
andycw-lai
Returning Member

Investors and rental owners

My sister just reported the total rental income for both of us and that she has 50% ownership. She didnt report any expense or assets. Eoes she need to fix anything

Investors and rental owners

She doesn't need to fix anything. The method she used only has her claiming 50% of the income.