Rental property question

[michaelcottier]

Hi! If I claim a property as a rental property for my state and federal taxes, can my renter be a person who is listed on the deed?

[DoninGA]

If a property owner is occupying the property, the property is not a rental.  It is either a primary or second home.

The mortgage interest paid and property taxes paid are deducted as itemized deductions on Schedule A on the tax return of the property owner who paid those expenses.

[michaelcottier]

Ok well I am the property owner, but the renter is another person listed on the deed. So I guess that means that they would be considered an owner as well then?

[tagteam]

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@michaelcottier wrote:

Ok well I am the property owner, but the renter is another person listed on the deed. So I guess that means that they would be considered an owner as well then?

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Yes. Co-owners have an undivided interest in the property.

For example, if you and one other individual are co-owners, then by default each of you owns a 50% interest in the property (absent an agreement otherwise) but also have the right to possession of the whole. In other words, neither one of you can legally exclude the other from possessing any part of the entire property.

That is nothing other than basic real estate law.

[michaelcottier]

Ok got it! Thank you for your help 🙂