bonnie_leung
Returning Member

Re: On the T776, claim the total income from the property for...

Hi, I am in a similar situation. 

Does it mean in his tax file, the brother will claim the following:

  • 100% ownership
  • total income from the rental property
  • total expenses the brother paid
  • report the sister's half of the income in "Other expenses"

And in the sister's tax file, she will claim the following:

  • 50% ownership
  • total income from the rental property

Please advise if the above is correct. Thanks.

Troubleshooting

If both siblings own the property, then brother and sister would claim 50% ownership. In TurboTax, both brother and sister would enter in the total income, which the program will split based on the percentage of ownership. For expenses, there is an box labeled "Minus: Other expenses of the co-owner" where you can enter expenses that will not be split with the co-owner. The brother can enter his expenses there.

 

Say thanks SM.png