How to record my rental income?
If you are in simple view:
- On the left side, click "Interview Setup".
- On the right side, tick the box "Self-employment / rental income" then click Next to save it.
- On the left side, click "Self-employment / rental income"(this link will appear after step 2).
- On the right side, select "Rental income" as Business Type, then click "Add New Business" button.
If you are in expert view
- On the left side, click "Self-employment / rental income" under "Income not Showing on T-Slips".
- On the right side, select "Business Type", then click "Add New Business" button.
You need to go through a few pages to fill in your rental income and expenses, the software will generate form T776 for you based on your numbers.