Monday, December 12, 2011

Jointly owned Rental Property?

I have a jointly owned rental property with my mother. And we have a joint mortgage as well. However, I make all the mortgage payments. We file separately. How do I account for the rental income and mortgage interest? Do I split the rental income and mortgage interest deduction in half and report it in Schedule E? What do the IRS rules say? I believe the rules say that any income received from a joint et needs to be reported proportionately. However mortgage interest deduction should be taken by the person who makes the payments. Can I split the rental income in half and offset it against the entire mortgage interest?Would appreciate any help on this

No comments:

Post a Comment