Net rental income does not reflect co-owner (eg 31%/69% )split on the T776 on the T1 return. It shows the net rental income before applying the %. Can someone help?

When you do a rental split between spouses, you will see the "gross" income reported on Line 12599 of the T1 General as the actual amount of income that rental property earned.

 

The "net rental income" that shows up on the T1 General (Line 12600) will be your percentage.

 

If you look at the T776 - Statement of Real Estate Rentals, you will first see the "net rental income", and directly underneath the percentage split calculation is performed and carries over to Line 12600.

 

Hi TurboTaxKim,

 

Yes, Line 5 in T776 is supposed to calculate the percentage ownership taken from Part 2.  I am using Version 00.01.41 Build 4004 068G18 and it does not appear that the percentage is being calculated and that it just carries the same number from 9369 to Line 5 of th eT776.

 

Any help pointing to where I may have forgotten to enter something would be greatly appreciated.

 

Regards,

John

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