[Julia]

Hi
I am trying to figure out why Profile is not allocating 50% ownership (two person sharing the profits,married) for the gross revenues. It calculates 50% of the net and puts it on line 126 but it takes 100% of the Gross and puts it on both returns (line 160). Must I manually calculate 50% for each or is there a setting I am not seeing.
Thanks
Julia

[dunner]

What makes you think it's not working? If they're to be "sharing the profits" then they should each report 1/2 of the net profit on line 126. Sounds like that's what you've got.

[Peter@Intuit]

Julia, on 02 March 2011 - 05:45 AM, said:

Hi
I am trying to figure out why Profile is not allocating 50% ownership (two person sharing the profits,married) for the gross revenues. It calculates 50% of the net and puts it on line 126 but it takes 100% of the Gross and puts it on both returns (line 160). Must I manually calculate 50% for each or is there a setting I am not seeing.
Thanks
Julia

Hi Julia,

Further to Dunner's and Snowployguy's correct responses, the source of their answers may be found in CRA Guide T4036, where is states for line 8299 on T776 the following:

Line 8299 – Gross rental income

Your gross rental income is your total “Gross rents,” on
Form T776. Enter this amount on line 160 of your income
tax return. If you are a co-owner of the rental property or a
partner of a partnership that does not need to provide you
with a T5013 or T5013A slip, enter the gross rental income
for the entire property on line 160. Do not split the gross
income according to your ownership share.

Peter