I am preparing a return for a couple who own a property with equal ownership with their out of town son. The ownership is 33.33% for each. 40% of the property is a rental unit and the other 60% is lived in by the parents. I do not prepare the T1 for the son. The T776 populates correctly on each of the parents returns. My question is how can I print a T776 in the name of the son that they can give him to use in preparing his own return?
Personally, I provide a copy of the statement… the form does not need to have the 3rd person as the primary on the form…presume the “other tax preparer” will be copying the information into their tax program.
As long as the ownership is completed correctly, you should be fine to send a “copy of the figures”
I’m sorry I should have been more specific. The percentage of ownership is fine and the names of the partners is fine, my issue is that I can print the T776 for my 2 clients but I can’t see how to print the third copy in the son’s name. When I print a copy from either of the parent’s returns it has their name and social insurance number on it.
Of course it does. Are your clients worried about their son (or their son’s accountant) seeing their SINs? If so, redact them - like I did in my example above.
Use old fashioned white out to remove the personal information if it is going to be an issue.
The 3rd person should not be Using your form.. they should be creating their own from your information
Thank you all for the feedback.
You could set up a new T1 return in TaxCycle using the son’s basic information. While in the parent’s T776 you would do a “smart copy” (right click then select smart copy). Open the son’s return, go to the T776 and “paste”. It should import the rental statement into the son’s return. Print or pdf the son’s T776 then either delete his T1 file once you are finished (or save it for next year).