Solved: Can I take all the deductions for a rental property I own with my parents who are also on the loan and title if I pay all the expenses and collect the rent?

Can I take all the deductions for a rental property I own with my parents who are also on the loan and title if I pay all the expenses and collect the rent?

Last year my parents claimed me as a dependent because I was a student. After I graduated and became a grad student and providing for myself I took over all the costs of the rental including the rental income. I lived there when I was a dependent and I live there now.

posted

As you are a co-owner of the property and you received the rent and paid rental expenses, you can report all rental income and all rental expenses on your tax return.

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As you are a co-owner of the property and you received the rent and paid rental expenses, you can report all rental income and all rental expenses on your tax return.

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