Rental income on property I don't own?

scm2 · ‎January 28, 2020

I have deeded my rental property to my heirs but continue to receive the rent. Have been advised that they give me a 1099misc. for this property. I pay all expenses including for this property including property taxes. Should they deduct the taxes before sending a 1099misc. and do I claim the income under rental property?

Carl · ‎January 28, 2020

You need to clarify "exactly" what you did by deeding them the property. It really matters big time for taxes. Did you sell them the property? Or did you give it to them as a gift by simply filing a quit claim deed and giving it to your heirs?

scm2 · ‎January 28, 2020

Gift

scm2 · ‎January 28, 2020

I gifted it to them (quit claim deed) but they let me have the rent for now and I pay all expenses.

Rental income on property I don't own?

Investors & landlords

Investors & landlords

Investors & landlords