topic What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price? in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt-we/01/1691137#M55386 Thu, 16 Jul 2020 02:07:43 GMT homey1011 2020-07-16T02:07:43Z What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt-we/01/1691137#M55386 Thu, 16 Jul 2020 02:07:43 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt-we/01/1691137#M55386 homey1011 2020-07-16T02:07:43Z Re: What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt/01/1691176#M55388 <P>Neither.</P> <P>assuming your split is 50/50, your cost is half of what was paid for the property in total as identified in the sales contract.</P> <P>While you each can report your share of ownership, income and expenses, it would probably make more sense to report all rental income/expenses/assets on on 1065 partnership return. It can provide more flexibility in the future should things change that would call for it. (such as one of you being unable to pay your share of expenses for any reason up to and including death.)</P> <P>&nbsp;</P> Thu, 16 Jul 2020 02:15:36 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt/01/1691176#M55388 Carl 2020-07-16T02:15:36Z
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topic What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price? in Investors & landlords
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What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price?
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt-we/01/1691137#M55386
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Re: What do I put down for the cost of my rental asset if I co-owned it with my sister? 50% of the debt we took on, or the full price?
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https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-what-do-i-put-down-for-the-cost-of-my-rental-asset-if-i-co-owned-it-with-my-sister-50-of-the-debt/01/1691176#M55388
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<P>Neither.</P> <P>assuming your split is 50/50, your cost is half of what was paid for the property in total as identified in the sales contract.</P> <P>While you each can report your share of ownership, income and expenses, it would probably make more sense to report all rental income/expenses/assets on on 1065 partnership return. It can provide more flexibility in the future should things change that would call for it. (such as one of you being unable to pay your share of expenses for any reason up to and including death.)</P> <P>&nbsp;</P>
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