Rental income in co-owner base for a couple to report. Do they both need to fill the T776 or just in either side fill 50% ownership ? ?

[waynewaing]

I have a rental property on co-owner base, 50% for me and 50% for wife.

Do we have to fill T776 for both of us, or just one-side fill 50%, and the other will fill automatically ?

For example: Total rental income 10,000.00, net income 2000.00

So each side will show total income 10,000.00, and net income 1000.00 

Please advise

[TurboTaxSusan]

You will have to have a T776 for each spouse. How to copy the details from one spouse to the other depends on what mode you are using.

If you are using the EasyStep interview mode, after you have added the T776 for the 1st spouse, TurboTax will ask you if you want to copy the info to a new T776 for the 2nd spouse.

If you are using the Forms mode, you can fill out the first T776, then choose Edit>Forms>Copy/Transfer Form from the top menu. This will give you the option to copy the data to the other spouse, and you can then go in and add the needed info in the partnership section.