How to use Home Share on iTunes

Homesharing, for those of you who are not yet familiar with the term, is the ability to share iTunes items (songs, TV shows, movies, etc.) between multiple Macs. That means if your sibling downloads a show on her computer that you want to see on yours, you can view it from her iTunes library. No need to watch it on her computer or move the files with an external drive. Once you set up homeshare, you can share all of your iTunes media with no fuss.