When I sell an investment property with multiple owners, is the capital gain divided among all the owners? i have been claiming all rental income due to simplicity

[SweetieJean]

First of all, you should have been filing Partnership tax returns (Form 1065) all along.  ALL income, expenses & depreciation is entered on the Form 1065.  Then a K-1 for each partner is be generated for reporting of said info on their personal tax returns.

Please see a local professional to straighten all this out before you sell the property.

https://www.irs.gov/businesses/small-businesses-self-employed/partnerships

[ccthealias]

Really? Because an accountant has done this for us in the past and didn't think form 1065 is needed. Also to make it more complicated, the home is owned by 4 people but the mortgage is on 2 person's name only so only those 2 person can claim the interest expenses.