My wife and I co-owns a rental duplex (50% each). TT will halve my total expenses but deduct it from the TOTAL gross rents. So 16K gross and 12K expenses will appear like this. 16K - 6K (50% of expenses) = 10K income divided by our 50% for 5K each. Even a grade school pupil will tell you that the profit is only 4K total and 2K for each of us. CRA Form T776 instructs the same. Has this been corrected by both TT and CRA?
If you are using the desktop software, and the forms entry, make sure to NOT indictate 50% personal in the expenses on the rental form. Personal portion does not mean your share of the rental income...it indicates if you yourself are occupying a portion of the rental property. As you are not do not indicate a personal portion of the expenses.
If you are using the desktop software, and the forms entry, make sure to NOT indictate 50% personal in the expenses on the rental form. Personal portion does not mean your share of the rental income...it indicates if you yourself are occupying a portion of the rental property. As you are not do not indicate a personal portion of the expenses.
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