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March 23, 2024
Question

T776 Rental income: Co ownership vs partnership

  • March 23, 2024
  • 1 reply
  • 0 views

I own a rental property as part of co-ownership, and have selected this option in the questions.

However, on p2 of T776 the amount from Net income or loss (amount 9) carries to the line for amount 10 in the Partnerships section. Is this supposed to be like this? It doesn't affect the overall calculation, but I don't want the CRA to think this is a partnership, as it is a co-ownership. I don't see any way of changing this in the program.

1 reply

TurboTaxSusan
March 23, 2024

Line 10 is filled out automatically because there is an amount in Line 9. But for sole proprietors or co-owners, line 9 is used for Net Income, so if you have selected that you are a co-owner, then the 4 lines below line 9 are ignored.

sheepAuthor
March 25, 2024

Thank you, this is very helpful.