I live with my brother as we both own the house. In Sept we refinanced that home as mortgage was move from 2 people to 1 person. But my name is still in the deed. I continued pay mortgage & take care of house
last year, we took 50% interest and property tax on Sch A
i read on this forum, that since I am paying mortgage for my brother as “gift”, my brother would need to declare that on Sch E, as it’s not a “gift”
Since, I’m paying rent, I have side gig of 1099 MISC. I want to use that rent as business expense as rent. Does that mean my brother would have to show income? Even though he is not making money?
we did some maintence in house & I know it’s not deductible. But if my brother has to show my rent payment as income, he can use those maintenance as expense?
I was part of mortgage until Sept 2020. Can I choose to show I paid rent from Jan to Dec. or does it need to be split from Jan to Aug as mortgage deductions and sept to Dec as rent?
our maintenances we’re done throughout the year. Do we split those to on Sch E, since that property didn’t become rental until sept 2020
