Solved: My husband and I own a building with my mom. It’s 2 units, my mom lives in one (she pays us/we pay mortgage), rent the other (we handle the rental). How do I enter this?
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ihatetaxesihatet
New Member

My husband and I own a building with my mom. It’s 2 units, my mom lives in one (she pays us/we pay mortgage), rent the other (we handle the rental). How do I enter this?

 
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Vanessa
Level 3

My husband and I own a building with my mom. It’s 2 units, my mom lives in one (she pays us/we pay mortgage), rent the other (we handle the rental). How do I enter this?

If your mother is part owner of the house the money she is paying you would not be considered rent, it would be considered her paying her share of expenses. Her payments would not be entered on your return as income.

The other side, you will report the income and expenses by clicking 

  • Federal
  • Wages & Income
  • See Full list of Income
  • Show more next to Rentals, Royalties and Farm
  • start next to Rental Properties and Royalties

You will enter your share of the rental income and expenses as you walk through the steps.  You will not be able to deduct the portion of expenses associated with your mothers' side of the house as a rental expense for your mothers' side of the house. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
Vanessa
Level 3

My husband and I own a building with my mom. It’s 2 units, my mom lives in one (she pays us/we pay mortgage), rent the other (we handle the rental). How do I enter this?

If your mother is part owner of the house the money she is paying you would not be considered rent, it would be considered her paying her share of expenses. Her payments would not be entered on your return as income.

The other side, you will report the income and expenses by clicking 

  • Federal
  • Wages & Income
  • See Full list of Income
  • Show more next to Rentals, Royalties and Farm
  • start next to Rental Properties and Royalties

You will enter your share of the rental income and expenses as you walk through the steps.  You will not be able to deduct the portion of expenses associated with your mothers' side of the house as a rental expense for your mothers' side of the house. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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