PatriciaV
Expert Alumni

Investors & landlords

Your best option is to issue Form 1099-MISC to the other owners for half the income reported under your name. Otherwise, the IRS will conclude that you haven't reported all your income.

Another option is to list an amount equal to half the income as a Miscellaneous Other Expense for the property and let the other owners report half the income without Form 1099-MISC. This will allow you to report net income equal to your half. If you choose this option, be sure to keep proof of the split ownership with your tax files for this year.

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