Indicate that you are a co-owner of the property and your share is 50%. In the “Details of Partners” section provide the information for your spouse as partner and their share is 50%.
Include the gross amount of all Income and Expenses in the rental schedule and the software will calculate ½ of the Net amount on your return at Line 126.
You can find a detailed summary of your tax return under the "Review" tab > "Bottom Line (tax summaries)"> then look for the paper and magnifying icon in the lower left hand corner, select "Detailed Tax Summary". You will have a line by line sample of the Federal Tax Return.
Indicate that you are a co-owner of the property and your share is 50%. In the “Details of Partners” section provide the information for your spouse as partner and their share is 50%.
Include the gross amount of all Income and Expenses in the rental schedule and the software will calculate ½ of the Net amount on your return at Line 126.
You can find a detailed summary of your tax return under the "Review" tab > "Bottom Line (tax summaries)"> then look for the paper and magnifying icon in the lower left hand corner, select "Detailed Tax Summary". You will have a line by line sample of the Federal Tax Return.
I am trying to get Line 160 to show 1/2 of the gross rent but the software puts the full rent in. I did put my share as 50% and my co-owner as 50%.
The Net will transfer to Line 126 of the tax return. Line 160 is the Gross Rent and the net is your reported amount of Gross after all adjustments.
My co-owner has agreed that I could claim 100% of the furnace repair. Is there anyway I can enter this on the income tax form. Everything is calculated on 50% of the expenses.
You can enter the amount as a partner expense rather than including it as a general expense it which case it will only show up on your Rent Statement.