I have a rental property that has my son and my name on the mortgage and on the deed. He also lived in the house until he sold it in Dec. 2022. In July 2022 I removed my name from the deed by filing a Warranty Deed with consideration of less than $100, leaving the property in my son's name. I am unsure how to fill out income tax for both of us. I am filling out for myself as taking half the mortgage interest and taxes since my name is still on the mortgage and I'm still paying. For rent and expenses I am only including rent and expenses between Jan - June 30, date I removed my name from the deed. For my son he would show half the mortgage and interest as he is also on the mortgage. For rent and expenses he would include 1/2 from Jan thru June when I was also an owner and the complete amount from July - Dec, since he was the only person on the deed. Does this make sense? On schedule E it asks 'check to allocate income and expenses using ownership percentage'. Would I put 75% so the dollar amounts get calculated correctly by turbotax? I was going to leave it at 50/50 as I have filed all previous years(everything divided between myself and my son), but I don't know if that would come back as an error as I deeded it to my son in July 2022. What would be the correct way to list rent and expenses and ownership on both our returns.
