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...
Mtl39 Posted April 15, 2022 Report Share Posted April 15, 2022 Hi When you're completing the information part of the rental property, it asks you if you are a co-owner, and if yes, your spouse; also asks you to indicate the % split between the co-owners. Indicate all that and the software will automatically take 50% of all income and expenses as you add each of those into the spreadsheet. Quote Link to comment Share on other sites More sharing options...
StaBen85 Posted April 15, 2022 Author Report Share Posted April 15, 2022 Thank you! So I enter the full amounts for both of us and the software will know to only use 50%? Quote Link to comment Share on other sites More sharing options...
LiseL Posted April 17, 2022 Report Share Posted April 17, 2022 Yes, the software will split it by the percentage you enter, in your case, you would enter 50% under each person. Quote Link to comment Share on other sites More sharing options...
StaBen85 Posted April 17, 2022 Author Report Share Posted April 17, 2022 Thanks - so just to clarify, if the amount is $10k, do I enter 5k under each person or the full 10k amount under each person? One answers says the system will automatically calculate 50% and another one says to enter 50% myself. Quote Link to comment Share on other sites More sharing options...
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