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Christine384
Level 3
April 5, 2022
Question

Rental property two owners, not spouses

  • April 5, 2022
  • 1 reply
  • 8 views

Rental property is owned by 2 people.  Only one is showing the Schedule E for 100% of it.  1 owner can use the deduction, the other owner has no taxable income usually.  

Must it be split and put on each 1040 or can just one take all income/deductions?

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1 reply

IRonMaN
IRonMaN
Level 15
April 5, 2022

If it is a 50/50 ownership, then income and expenses should be split in the same fashion.

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