I am a bit confused as to what "gross rents" means when my husband and I each need a rental property profile. Does this field mean just our portion (i.e. 50% of the total income) or the total income we both earned from the rental property in the year? Guidance would be much appreciated.
Thank you for choosing TurboTax.
If you are filling together then you only require one rental profile to report both of your rental income.
To do follow the below steps.
Gross income means total income earned from your tenant. For example, you rent your house for $3000 a month then you enter $36000 in gross income. Once you complete your T776, TurboTax will automatically split your income between you and your husband assuming you are filing a coupled tax return.
For more information please see our TurboTax article: Owning a Rental Property With a Spouse
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