I am sorry. I don't know what you mean by the following statement: Those 2 will claim half the income and expenses. Do you mean my husbands claim half and his son claims half? We have not been doing that. My husband and I file jointly claiming 100% of income and expenses of the two properties owned by him and his son. My husband gave his son full control over one of the properties o 01/01/2021 and the son will claim that property on his future taxes. The son will have full possession of the other property when his father passes. My husband's son has not claimed any income or expenses on these properties in the past.
May I group all 7 under one Enterprise on my and my husband's 2020 tax return? Then, I will have 5 in both of our names and 2 in his name only, right?
May I group only 6 for 2021 because of the one given to his son? Will it be that difficult to not include this property in the Safe Harbor group made in 2020?
Thanks again.
Thank you for your help and understanding.
