MY wife and I are 50/50 owners of a rental property. On T776 Rental income page, box for "Annual Gross Rents". Do I put in the total rent money received or 50% of total?
MY wife and I are 50/50 owners of a rental property. On T776 Rental income page, box for "Annual Gross Rents". Do I put in the total rent money received or 50% of total?
According to T4036 guide, you should enter the total rental income and expenses for the property, turbo tax should calculate 50/50 net rental income/loss accordingly. You need to enter each person's percentage of ownership.
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