We have two properties with both of us on the title. One property in CA we turned into a rental recently after moving to another state. And a primary residence in NC. My spouse is suggesting I claim 100% ownership of the rental property and they claim 100% ownership of the primary residence for tax purposes. I manage the rental and would claim the full income and expense.
Is this OK for tax purposes? I certainly can consult a tax attorney if that would help, and I think it would. Just wondering what others have done in this situation.
