When filling out rental property expenses for property co-owned 50/50 with spouse do I divide all expenses by half? or will turbotax do this? Or do I put the full amts?

[RyleReed]

Yes, TurboTax software automatically calculates for both of you when you follow the steps below to make sure the ownership percentage is correct:

• Click Find (the magnifying glass) on the top right-hand side of the screen.
• Type Rental properties on the search bar.
• Click GO.
• On the Rental Property screen, select both spouses and Continue.
• On the Rental Summary, screen click on Enter new rental income for each spouse.
• On the Rental Profile screen check-off Details of Other Owners and Rental Income and Rental expenses.
• Click Continue.
• On the T776 Partner Details Statement screen, enter the details only for your spouse at the percentage you want to cover then Continue.
• Enter the information on the T776 Rental Income screen and click Continue then Done.
• On the Rental Summary screen, you will see the proper percentage you entered.
• Click on Done With Rental Income to save your information.

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Please see the FAQ on TurboTax:

Claiming Expenses on Rental Properties

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