Claiming Rental Income on Co-Owned Property

[StaBen85]

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!

[Mtl39]

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.

[StaBen85]

Thank you! So I enter the full amounts for both of us and the software will know to only use 50%?

[LiseL]

Yes, the software will split it by the percentage you enter, in your case, you would enter 50% under each person.

 

[StaBen85]

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.