T776 (rental income) completed in turbotax, but doesn't show as income on the tax return.

[TurboTaxSamar · Accepted solution]

The reason the net income is not being allocated accordingly is because you've claimed the type of ownership of the rental property as a "co-ownership/ sole proprietor" instead of "partnership". If you change this selection to "partnership", the net income will be allocated according to the percentage of ownership entered.

However, if you are not actually operating as a partnership, you will each need to manually add your portion of the UCC and additions/dispositions according to your percentage of ownership. For example, if you have a UCC balance of $100K and you co-own the property 50/50, then you will need to enter $50K on your return and the co-owner would also need to enter $50K on their return. 

[TurboTaxLise]

Go back and review your  T776 form under  " Your Taxes" tab and ensure you have entered information correctly - if all is entered  properly, you will see your amount on line 126 of your T1 under the "Summary" icon on the right side of the screen next to the question mark (?) with a circle around it.

[jpmatthew4]

T776 (rental income) completed as partnership (50/50) with partner information included. Does not split the income on both T1 on line 126. Calculates income on 1 tax return