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Joint Venture expsese splite.
All the rental expenses are shared if the property is a co-ownership, even though some expenses only apply to one ofthe owner. For example, in a 50-50%ownership, owner A has $1000 rental expense not shared with owner B, but when enter the amount, turbotax automatically applied the 50%, so that owner A can only apply 500$ expense. Can we override or any solution to apply $1000 expense only on owner A?
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February 16, 2022
8:12 AM
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Filing
To apply the amount to only one owner, you will need to go enter it in the T776 - Other expenses of the co-owner by following the directions in this next TurboTax video: How to claim rental expenses T776 Statement of Real Estate Rentals - TurboTax Canada 2020.
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February 17, 2022
8:55 AM