My husband and I own a rental property, do I only include 50% of the rental income on my taxes and the other 50% on his?
If you are a co-owner or member of a partnership of rental property:
Enter your percentage of ownership in the Identification area, and complete the Details of other co-owners and partners portion, including the co-owners/partners percentage of ownership.
Enter the address and gross rental income for the entire property in the Income section. Do not split the gross income according to your ownership share.
Enter the amount of deductible expenses you have as a co-owner or partner, whichever applies, that you did not deduct elsewhere on the form. Do not enter expenses if you were reimbursed for them.
Enter the total amount of undepreciated capital cost (UCC), additions and dispositions.
If you rent out part of the building that you live in, you can only claim the portion of your expenses that relate to the rented part of the building. For lines 8521 to 9270, enter the full amount of expenses in the Total expense column, and enter your personal percentage in the Personal % column. The allowable deductible expenses are entered on line b.
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