Hi - My husband and I co-own a rental property. He makes significantly more than I do. In the form T776 should I enter all the rental info under my name or his?
I have done it both ways, under my profile and then his, I entered all information identically - and entered a co-ownership and 50/50 ownership and told turbotax to "generate the rental income statement and expenses for spouse" in both scenarios.
My confusion is that depending whose profile I put it under, the results are VERY different. The tax return is much larger when I enter it under his. BUT I would have expected both scenarios to be the same, since I enter 50/50 ownership and "generate the rental income statement for spouse" in both scenarios.
Any insight? What is the correct way?