Hello All
So this is my situation. Dad owns rental property with me in SC. He has 77% allocation of ownership and the rest is mine 23% (that is how is recorded in the deed) . The percentage allocation is based on him selling his other property in Florida doing a 1031 exchange thus investing all profit funds in new property. I took a HELOC from my main residence in NY to supplement the buy of this new rental property. Question is : Most of the expenses are mostly paid from rental income except in some instances where escrow is low and I had to add funds to cover (specially teh property taxes that were higher than expected as non residents) . Do we have to allocate the same percentage of expenses?
