topic Rental income on jointly owned farm land in Business & farm

Rental income on jointly owned farm land

Bison456 — Sat, 19 Oct 2019 14:04:13 GMT

I own farm land with my brother. He rents the farm land out, keeps the income and pays all expenses (property taxes, insurance, etc). Do I need to report anything on my return or does he report full share of income and expenses?

Re: Rental income on jointly owned farm land

Critter — Sat, 19 Oct 2019 14:10:08 GMT

If he is reporting it all there is nothing for you to report.

Re: Rental income on jointly owned farm land

Carl — Sat, 19 Oct 2019 14:33:35 GMT

As I'm sure you know, land is not a depreciable asset. But if the rental includes any structures on that land or other depreciable assets, make ***SURE*** detailed and accurate records are kept. Otherwise, whenever the property is sold or otherwise disposed of you *will* have *major* issues with the IRS that will $cost$ both of you dearly.