topic Can my brother and I both report rental income when I'm the only one on the title and mortgage? in Investors & landlords

Can my brother and I both report rental income when I'm the only one on the title and mortgage?

dashworth7829 — Tue, 04 Jun 2019 23:42:05 GMT

I own a rental property and my brother is in business with me. He is not on the title of the house or on mortgage. Can he report rental income and expenses? Does he have to be on the title of the house to claim income? We have a property manager, but I'm the one she issues the 1099 to. Can we change that midstream?

Not "really". Basically, that's because only those listed...

Carl — Tue, 04 Jun 2019 23:42:06 GMT

Not "really". Basically, that's because only those listed on the title and the mortgage that are legally obligated to pay the property taxes and mortgage interest can claim those expenses. Then the income received must be claimed 100% by you, since that's reported to only you on a 1099-MISC. Any monies you give to your brother are just a gift, and not tax deductible for you. Any expenses your brother pays are not deductible my him, since he has no legal obligation to pay them.