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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.
February 22, 2023
12:37 PM
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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.
February 24, 2023
1:54 PM