For a short term rental that my wife and I own 50/50, do I enter the same gross income and expenses for each or does the Turbotax program automatically split the numbers?

[TurboTaxAniqua]

You should enter the total (100%) gross income and total expenses for the property on Form T776. The program will automatically calculate your 50% share based on the ownership percentage you provide. 

         1. Enter Total Amounts: On Form T776 (Statement of Real Estate Rentals), report the gross rental income and the total of all deductible expenses for the entire property.

         2. Define Ownership Percentage: In the "Co-owner or partner details" section, enter your ownership share as 50%. TurboTax uses this percentage to automatically allocate half of the net income or loss to your return.

Once you complete your T776, TurboTax will automatically split your income between you and your wife, assuming you are preparing a joint tax return. 

Thank you for choosing TurboTax.