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%?\
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.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.
Sign In
Canada (English)
EN
