Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 8, 2021 1:44:01 PM

Where do I enter rental income expenses as itemized on T776E (incurance, fees, repairs, property taxes etc)?

0 3 782
3 Replies
Level 6
May 10, 2021 9:13:31 AM

Thank you for choosing TurboTax,

 

Rental expenses are located just after the rental income section of your return. 

Income tab - Rental Properties. 

  1. On the left side, menu select Rental Properties
  1. It will ask the question “Did you receive income from a rental property?”
  2. Click “yes”
  3. As you continue through your return, the expense section will follow the income screens.

New Member
Mar 19, 2023 3:43:02 PM

It is unclear whether Turbotax splits the rental income automatically in a co-ownership situation when filing taxes together with you spouse.

 

If rent is $10,000 per year, do I enter $5000 each or $10,000 each and it will figure out based on your listed your co-owner at 50%.

 

Same question for the expenses.  If we have $2000 of expenses do I enter $1000 each or $2000 and it will figure it out based on your listed co-owner at 50%?\

 

Thank-you for your feedback!

Moderator
Mar 24, 2023 1:18:12 PM

@newleaf88 Yes, if you and your spouse are co-owners, the income will be automatically split between you if you enter a percentage. Expenses will be split if you don't enter them as being for one partner. CCA will not be split.