Understanding Home Sharing
Home Sharing in iTunes lets you share your iTunes media libraries between up to five computers in your household. You can also use Home Sharing to play your iTunes content on your iOS devices and Apple TV (2nd generation) if they are connected to your home Wi-Fi network.
Home Sharing your iTunes libraries among your family computers
Home Sharing enables you to stream or transfer music, movies, TV shows, apps, and more among up to five authorized computers in your household. To do so, you will need to turn on Home Sharing on each computer using the same Apple ID. Once set up, all the libraries from these computers will show up in the Shared area of iTunes:
With Home Sharing, you can stream music and video from one authorized computer to another, or drag music between computer libraries. You can also choose to have iTunes automatically import purchases you make on any of your Home Sharing computers to your own library. To do so, select the library and use the Settings button at the lower right of the iTunes window to select what you'd like copied.
Home Sharing your iTunes library with your iPhone, iPad, iPod touch, and Apple TV (2nd or later)
Home Sharing allows you to play your content on your iOS devices and Apple TV (2nd generation or later) by streaming from your computer. You'll need to turn on Home Sharing on the devices. You'll also need to use the same Apple ID on each device on your home Wi-Fi network.
You need iOS 4.3 or later for Home Sharing on iOS, and Apple TV (2nd generation) or later for Apple TV.
For more information on minimum requirements and how to set up or troubleshoot an iTunes Home Share for your household, visit the Home Sharing support page.