In this Case, Jerry Doe is the husband of Mae Doe, in which 32 Mott Court Property is split 50/50 between the two.
- Make sure to add both individuals as clients in LodgeiT.
- Create the rental schedule in one of the ITRs
3. In "Owners" part, you have an option to split the ownership.
In order to Split the percentage of ownership, select "Add".
You can use the "Search button" in finding the Co-owner's detail.
Fill the "Share %" in order to enable the split of percentage of the property.
Property revenue & expenses will now be split between the two owners.
LodgeiT will auto calculate the percentage of Income and Expenses that you have allocated from the owner.
Information in the rental schedule will be passed to the other client's return and ready for when you prepare their return.
Note: If Rental worksheets has two or more owners then changing rental of second owner can change data on the first worksheet.
Co-owners of an investment property