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Co ownership of rental real estate T776 co owners

#1 User is offline   btris Icon

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Posted 31 May 2010 - 05:42 PM

I'm having trouble with the T776 with co owners of rental real estate. I would have thought that the system would transfer the % income (or loss) from each owner to their respective Line 126 on T1. I have indicated 50% ownership on each of the owners (married couple) forms, but the rental income (loss) is only transferring to one of them. What am I missing?
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#2 User is offline   samhill Icon

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Posted 31 May 2010 - 06:45 PM

View Postbtris, on 31 May 2010 - 10:42 AM, said:

I'm having trouble with the T776 with co owners of rental real estate. I would have thought that the system would transfer the % income (or loss) from each owner to their respective Line 126 on T1. I have indicated 50% ownership on each of the owners (married couple) forms, but the rental income (loss) is only transferring to one of them. What am I missing?

Have you entered the % ownership at the top of the form on one form only?
Are the returns coupled?
If they are coupled, then you have to go to "Details of other....." and put in the 50% ownership in the spouse's info.
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