topic Joint Tax Return and Rental Property in Get your taxes done using TurboTax

Joint Tax Return and Rental Property

AndrewA87 — Thu, 18 Dec 2025 15:09:12 GMT

My wife and I own our house 50/50 and rent a room to our son. I read recently that we should be indicating that we each have 50% ownership on our tax return.

When I do our taxes, Turbotax just asks if we both own the property and does not ask ownership percentages.

There is only one Schedule E produced.

We file a joint return.

Is this correct?

Thanks

Re: Joint Tax Return and Rental Property

xmasbaby0 — Thu, 18 Dec 2025 15:49:31 GMT

What are you hoping to accomplish by entering information on your tax return regarding the room rental to your son? In many instances this would simply be a family cost sharing situation which would not be entered on a tax return. Do you have a written rent/lease agreement with your son? Is he trying to claim a state rent credit on his own tax return?

Re: Joint Tax Return and Rental Property

AndrewA87 — Thu, 18 Dec 2025 15:53:59 GMT

Yes we do have a room and board agreement.

I was reviewing last year's return and I do not see where it gives me the option to enter percentages of ownership. It just asks if my wife and I both own the property.

I am not sure if that matters since we file a joint return.

Re: Joint Tax Return and Rental Property

xmasbaby0 — Thu, 18 Dec 2025 16:16:21 GMT

When it asks if you both own the property say yes. You are filing a joint return. Your income and tax refund or tax due are all joint amounts.

Re: Joint Tax Return and Rental Property

AndrewA87 — Thu, 18 Dec 2025 16:18:40 GMT

So there is no need to spilt out the ownership percentages?

Re: Joint Tax Return and Rental Property

DoninGA — Thu, 18 Dec 2025 16:40:12 GMT

@AndrewA87 wrote:

So there is no need to spilt out the ownership percentages?

Since you are filing as Married Filing Jointly and both own the home - NO.

Re: Joint Tax Return and Rental Property

xmasbaby0 — Thu, 18 Dec 2025 16:43:07 GMT

And...again....what are you trying to accomplish by entering rental income instead of just treating this situation as family cost sharing?

Re: Joint Tax Return and Rental Property

AndrewA87 — Thu, 18 Dec 2025 16:51:04 GMT

It is my understanding that in order for my son to get the full SSI amount that we needed to enter into a room and board agreement. And that made it taxable income and from what I read from people in similar situations that would be classified as a room rental and need to be entered on the Schedule E.

Re: Joint Tax Return and Rental Property

xmasbaby0 — Thu, 18 Dec 2025 16:58:13 GMT

Thanks--- I suspected it might have something to do with SSI----that explains why you are entering the rental income.

Re: Joint Tax Return and Rental Property

AndrewA87 — Thu, 18 Dec 2025 20:43:05 GMT

Well I just found out that Social Security has a PMV Presumed Maximum Value which is if a SSI recipient pays at least $314/month it will not reduce their benefits as of 09/30/2024.

So if that is true I could charge say $350/month and since that would be less than the FMV I could retire the rental and just pay income tax on "Other Income" ?

Re: Joint Tax Return and Rental Property

AmeliesUncle — Fri, 19 Dec 2025 18:24:42 GMT

@AndrewA87 wrote:

So if that is true I could charge say $350/month and since that would be less than the FMV I could retire the rental and just pay income tax on "Other Income" ?

If you charge less than FMV that could eliminate the ability to claim many rental deductions.