Question

If my wife and I share a rental property, will Turbotax split the total income automatically between us? Or do we have to divide it ourselves?

Forum|Forum|4 years ago
April 6, 2022
1 reply
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I thought in previous years turbotax automatically divided the rental income between us but it's not doing that this year. Maybe it is trying to even out our income or did I miss a box somewhere? I did tick the 50% ownership box.

R

RyleReed

Yes, TurboTax software automatically calculates for both of you when you follow the steps below to make sure the ownership percentage is correct:

Click Find (the magnifying glass) on the top right-hand side of the screen.
Type Rental properties on the search bar.
Click GO.
On the Rental Property screen, select both spouses and Continue.
On the Rental Summary, screen click on Enter new rental income for each spouse.
On the Rental Profile screen check-off Details of Other Owners and Rental Income.
Click Continue.
On the T776 Partner Details Statement screen, enter the details only for your spouse at the percentage you want to cover then Continue.
Enter the information on the T776 Rental Income screen and click Continue then Done.
On the Rental Summary screen, you will see the proper percentage you entered.
Click on Done With Rental Income to save your information.