In form T-776, TurboTax is asking to enter partnership or co-ownership %. By default this is blank. Husband is working full-time (salaried) and wife is not employed (no income). the rental property is owned by both. Should there be any % mentioned in this cell? Can we assign 90% to wife & 10% to husband? or does it have to be 50% each? Do the expenses also have to be entered using the above % or just enter the total expenses and TurboTax will take care of the calculation? I noticed that if I enter the expenses for one of us it automatically shows the same amount for the other.
Enter all the income and expenses. TurboTax will calculate your portion (and your husband's portion if you're preparing your returns together at the same time) based on your percentage of ownership. Which in this case would be 50% each as both your names are on the rental property.
When I used the 50% split in percentage of ownership, the T776 form calculates 50% on Line 9 for the form correctly for primary person. However, the spouse does not calculate the 50% properly and shows 100% on line 9 even though the form shows 50% as well. Using override function to correct the amount negates the NETFILE option. Am I missing something in the way the data was entered?
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