Rental - not on mortgage, but on deed

I bought a rental portion with my two siblings for 1/3 ownership each. Only two of us are on closing documents and mortgage, but all 3 of us are on the deed. Do we all claim 1/3 rental income & expenses on our taxes or only the two of us who are on closing docs and mortgage?

posted

If all three of you are considered owners on the deed, then all can share in the income/expenses of the property. However, each owner can only deduct the amount of mortgage interest and property taxes that they actually paid.

Additional information: How do I deduct mortgage interest if I co-owned the home?

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