Hi,
My mom and I own a condo. My name is on the mortgage. Both our names are on the title. My mom lives in the Condo and we rented out 50% of the condo. The condo is a two bedroom, two bathroom unit. All expense are split 50-50 as well as the income from the rental. How do we go about filing?
Is this still consider a single family home rental unit?
How do we divide up the mortgage interest and property tax? Can one of us claim it all?
Does the rental expense have to be divided between us or can one call it all?
Thank you for the help.
