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How do I enter rental property income if my spouse and I are co-owners?

When you own rental property with your spouse, it will most likely be a co-ownership or, under certain conditions, a partnership. If you are unsure, the CRA advises seeking out the partnership law for your province or territory, or referencing the following document.

Once you've determined which situation applies to you, the steps for entering spousal co-owners' rental property income in TurboTax will vary, depending on the version of software (and view), you are using.

To get started, select the version of TurboTax software you are using below, then click on the link to get detailed instructions.

 

Open a new tax file in TurboTax Online Premier. Complete the following steps:

  1. Indicate the return is for "My spouse/partner and me" , then enter your personal information, making sure to choose the option for filing your return at the same time.
  2. On the Let's build your tax profile step, indicate Yes for other income (but do not check any boxes).rental33.png
  3. Select Yes when asked if you received any income from investments.rental34.png
  4. Select Yes when asked if you had any income or expenses from a rental property.rental35.png
  5. On the Rental Income step, ensure the following are indicated: Date (to and from), final year in business, and co-ownership.rental32.png
  6. On the Rental Profile, check the following boxes (and any others that may be applicable).Rental31.png
  7. On the T776 Partner Details Statement, enter details for spouse and indicate the spouse’s percentage partnership share (or the percentage of co-ownership if it is a co-ownership).rental30.png
  8. On the T776 Partner Rental Income step, enter your rental property address information and the amount of gross rent  income.rental29.png
  9. Review the information on your Rental Summary, then  select the Done with Rental Income button.rental28.png

Open a new tax file in TurboTax Online Premier. Complete the following steps:

  1. For the Marital Status section in your personal profile, select Married, then choose to prepare your returns together.
  2. Select Yes when asked if you have income from investments.rental36.png
  3. Select Yes when asked if you have employment, rental or other income. Then select the option for rental property.rental37.png
  4. Select Yes for your spouse when asked if they have income from investments; but indicate No for all following investment questions (as rental income is not listed).
  5. Repeat Step 3 (above) for your spouse.
  6. On the Rental Income step, select the option for Co-ownership, then fill in the applicable partnership percentage (or the percentage of co-ownership, if applicable).rental38.png
  7. On the Rental Profile step, select the check boxes that apply to your situation.rental39.png
  8. On your T776 Partner Details Statement #1, indicate the applicable percentage partnership share (or the percentage of co-ownership, if applicable).rental40.png
  9. On your T776 Rental Income, make sure to enter 100% of the gross rental income, and not 50%.rental41.png
  10. For your spouse, select the property address from the drop-down on the T776 Rental Identification page.rental42.png
  11. Your spouse's Real Estate Rentals Statement # 1 will then auto-populate with all required information, based on your previous answers.
  12. Select all the boxes that apply to your spouse on your Rental Profile #1 section.
  13. Enter your name and indicate a 50% partnership share (or the percentage of co-ownership, if applicable), on your T776 Partner Details Statement # 1.
  14. Your spouse's T776 Rental Income will then auto-populate with all required information, based on your previous answers.
  15. When asked if you wish to complete another rental statement, select the No button.
  16. On the Rental Summary page, select Done With Rental Income.rental43.png
  17. Your information should now be accounted for on your Total income summary.rental44.png

Open a new tax file in TurboTax Online Premier. Complete the following steps:

  1. On the TurboTax Personal Information form, enter your information, then check the box for Process spouse's return as well?
  2. Choose whether you'd like to Auto-fill My Return (by clicking the applicable button), or click the Close button to decline.
  3. On the T1 General form, complete the required information.
  4. Click on the Forms button in the ribbon at the bottom of the screen.rental50.png
  5. Select Form Lookup, then enter T776 in Keyword to search for, and click OK.rental51.png
  6. On your T776 - Part 1 form,  select Yes or No (as applicable), on the question of Was this the final year of rental operation? Then, input your percentage of ownership and select co-ownership (or partnership, if applicable).rental55.png
  7. On your T776 - Part 2 form, enter your spouse's name and address, then input their ownership share at 50%.rental46.png
  8. On your T776 - Part 3 form, enter the rental property address, number of units, and 100% of your gross rent amount.rental47.png
  9. Review the information on your T776 - Income form to make sure it is accurate.rental49.png
  10. Click on your spouse's name in the ribbon at the bottom of the screen. TurboTax will automatically generate the T776 for the spouse.
  11. On the T776 - Part 1 (for your spouse), answer No to the question, Was this the final year of rental operation?  then enter the percentage of ownership, and select co-ownership (or partnership, if applicable).rental53.png
  12. Repeat steps 7-9 above, entering your spouse's information.
  13. If the rental income is the only income you have entered into TurboTax so far, you can review the Quick Graphs summary (in the upper left of your screen), to get a confirmation of the correct rental income amounts reported for both you and your spouse (optional).rental54.png

Related information:

My friend lives with me and helps cover expenses. Do I have to report their payments as rental income?

How do I enter US rental property income?

How do I enter my rental income and expenses in TurboTax?

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