How to file the tax separately for a rental property

[FionaY]

Me and my mom (both)are the owner of the single-family rental property. I refinance the rental property last year because I have a job. Form 1098 listed my name first, however, all expenses and incomes have been through from my mom's account.

Can I file the tax under my mom's name? What is the correct way to file the tax of this rental property?

[Mike9241]

you have a partnership and form 1065 should be filed to allocate rental income and expenses

[Carl]

What is the correct way to file the tax of this rental property?

This raises several questions that need to be clarified really, before anything even close to a correct response can be provided.

Me and my mom (both)are the owner of the single-family rental property.

This would indicate a partnership where a 1065 Partnership return would need to be filed.

I refinance the rental property last year because I have a job

First thing that comes to my mind, is that since you "re" financed the property, I wonder just how long you and mom have owned this property, how long it's been a rental, and how you've dealt with the tax reporting for this in prior years. My head is starting to worry you may have an absolute tax nightmare here. So set me straight on the tax history for this property please.

So is your mom a cosigner on the loan? Did both you and your mom remain as named owners on the property deed?

all expenses and incomes have been through from my mom's account.

Most likely, and I'm just guessing here at this point, you and mom should have a joint account with both your names on it that's uses only for rental income and expenses. This helps to substantiate who pays tax on what income, and who gets what amount of losses.

Hopefully, with more details from you, we can actually provide you some useful information.

[FionaY]

What is the correct way to file the tax of this rental property?

This raises several questions that need to be clarified really, before anything even close to a correct response can be provided.

Me and my mom (both)are the owner of the single-family rental property.

This would indicate a partnership where a 1065 Partnership return would need to be filed.

I refinance the rental property last year because I have a job

First thing that comes to my mind, is that since you "re" financed the property, I wonder just how long you and mom have owned this property, how long it's been a rental, and how you've dealt with the tax reporting for this in prior years. My head is starting to worry you may have an absolute tax nightmare here. So set me straight on the tax history for this property please.

So is your mom a cosigner on the loan? Did both you and your mom remain as named owners on the property deed?

Answer:  The house was owned my mom and her ex-husband initially, both of them were the owner.  They hired a professional to help them file taxes for prior years. (I cannot provide much details about it).

After they divorced, in order to remove his name from the loan and house, I jumped in and refinanced the house in the beginning of the last year. 

The house has been renting out since the refinance process. 

She is the cosigner on the loan, I am the primary borrow of this loan, her name is on the Form 1098 as well. 

Correct.  Both of us are named owner on the property deed.

all expenses and incomes have been through from my mom's account.

Most likely, and I'm just guessing here at this point, you and mom should have a joint account with both your names on it that's uses only for rental income and expenses. This helps to substantiate who pays tax on what income, and who gets what amount of losses.

Answer: Unfortunately, we do not have a joint account. All incomes and expenses go to the bank account with her name only. Due to the history of my mom and her ex-husband, the property management company deposits to her bank account directly.

Hope it clarifies some of your concerns. 

Hopefully, with more details from you, we can actually provide you some useful information.

[Carl]

The house was owned my mom and her ex-husband initially, both of them were the owner. They hired a professional to help them file taxes for prior years.

If your mom/ex divorce was finalized after Dec 31, 2020 *and* they live in a community property state, you can stop reading here. This issue is much to complex to be dealt with in a public user-to-user forum such as this one. But even if they did not live in a community property state, I would suggest you seriously consider using a professional for at least the 2021 tax return. Make sure the tax pro provides you a printout of absolutely everything to include all calculation forms and worksheets, you "will" need it for doing the 2022 taxes yourself.

After they divorced, in order to remove his name from the loan and house, I jumped in and refinanced the house in the beginning of the last year. The house has been renting out since the refinance process.

It makes no sense for me to continue here, until knowing if they were/are in a community property state, and the date the divorce was finalized. It would also help to know if there was a "buyout" on the property to the ex.

Like I said, this is already getting rather complex really fast. Professional help is highly suggested.