I rent out an apartment and have 50:50 split with another on the rent. However, I pay all the costs and bought all the assets. How do I report this in Turbo Tax?

[andycw-lai]

I see. So that means I only need to report her half of the income as expense. Correct?

[TurboTaxDanielle]

That's right.

[TurboTaxDanielle]

On the T776, claim the total income from the property for the year as well as the expenses you paid. In the "Other expenses" field, enter the portion of the rental income paid to/collected by your sister.  This will leave you with your portion of income as well as any expenses you paid.

If you're claiming CCA on the property, make a claim for your percent of ownership.

When your sister files her return, she will need to report the amount you listed in your other expenses as rental income received and if she is claiming CCA on the property, she should make a claim for her percentage of ownership.

[bonnie_leung]

Hi, I am in a similar situation. 

Does it mean in his tax file, the brother will claim the following:

• 100% ownership
• total income from the rental property
• total expenses the brother paid
• report the sister's half of the income in "Other expenses"

And in the sister's tax file, she will claim the following:

• 50% ownership
• total income from the rental property

Please advise if the above is correct. Thanks.

[TurboTaxSusan]

If both siblings own the property, then brother and sister would claim 50% ownership. In TurboTax, both brother and sister would enter in the total income, which the program will split based on the percentage of ownership. For expenses, there is an box labeled "Minus: Other expenses of the co-owner" where you can enter expenses that will not be split with the co-owner. The brother can enter his expenses there.