Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
e-tax-fun
New Member

My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

My dad owns 80% of my apt. I own 20%.  I pay all property taxes and expenses and maintain the apt.  He has nothing to do with it except he's an owner.  I rented it for 6 months. Can I claim 100% of the rental income and pay the relevant taxes, or do I need to divvy up the income and the taxes with him? If you know the answer, I'd love to see where that answer comes from.  Is there an IRS guideline?  thank you!

1 Best answer

Accepted Solutions
Critter
Level 15

My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

You can claim 100% of the income and expenses you paid ... but the asset depreciation is different ... you only own 20% of the property so you can only depreciate 20% of the cost basis. 

View solution in original post

3 Replies
Critter
Level 15

My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

You can claim 100% of the income and expenses you paid ... but the asset depreciation is different ... you only own 20% of the property so you can only depreciate 20% of the cost basis. 

e-tax-fun
New Member

My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

Thank you! Do you have any back up for that like an irs ruling or other source so I can show it to my dad? Thank you!
Critter
Level 15

My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

If you are NOT filing a partnership return for this then it goes on the Sch E so says the instructions for that form.
Dynamic AdsDynamic Ads
Privacy Settings
v