RobinIsYoung Posted March 13, 2022 Report Share Posted March 13, 2022 I'm reporting rental income from a property for the first time. I'm a co-owner with my husband and we're filing together. I've added the Rental property income slip and filled out the relevant information. When I go the the Review page I get an error message saying The beginning and end dates entered for your business correspond to a fiscal period of less than 365 days (or 366 days for a leap year).If this was the first year or the last year of operation of the business, click here and specify. Otherwise, click here to revise the dates for the beginning and end of the fiscal period. Both links take me to the Self-employment income slip. Does owning a rental property mean that I'm self employed? I don't know how to proceed so I don't keep getting the error message. Any help appreciated! Quote Link to comment Share on other sites More sharing options...
dingers Posted March 13, 2022 Report Share Posted March 13, 2022 Did you enter the first day of operation on the T776 form? We bought a new rental property in 2019 and on the first page you just enter the beginning of the fiscal period until Dec 31. You do not need to fill out self employment info, just the T776. Quote Link to comment Share on other sites More sharing options...
RobinIsYoung Posted March 20, 2022 Author Report Share Posted March 20, 2022 Thanks for the suggestion, but yes, I've tripled checked that date box. It's from July 1, 2021. But Ufile seems to think I'm self employed, even though I didn't tick the Self employed box. Quote Link to comment Share on other sites More sharing options...
RobinIsYoung Posted March 20, 2022 Author Report Share Posted March 20, 2022 I just figured it out. I didn't tick the box for First year of operations under income and expenses. That seems to have solved the problem. Quote Link to comment Share on other sites More sharing options...
StaBen85 Posted March 25, 2022 Report Share Posted March 25, 2022 Hi there - I am filing income taxes for a rental property for my very first time this year. If my husband and I co-own the property do we both claim the same income and expense amount totals on each of our returns? Or do I divide the amounts by 50% and enter them that way? (For example, annual rent collected was $10k, so do I report $10k on each of our returns or $5k on mine and $5k on his? Same goes for the expenses. We are filing taxes jointly). Thank you! Quote Link to comment Share on other sites More sharing options...
flash_os Posted April 1, 2022 Report Share Posted April 1, 2022 Quote Link to comment Share on other sites More sharing options...
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