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Mortgage and rental income question

Forum|Forum|5 years ago
January 26, 2021
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Can I report the rental income and mortgage deductions on a rental if the rental is not in my name but I am a co-signer on the mortgage? The unit is under my father's name. Who would be able to report the income and the deductibles?

Best answer by ColeenD3

I immediately edited the answer after seeing that the link didn't work.

Yes, you can report the income, but you can't take depreciation.

ColeenD3

Maybe. You can report the income, but you can't take depreciation.

If you did not pay the mortgage, you can't deduct the interest, even if you are a co-signer. The same is true for property taxes. You must be liable for the debt as well as pay the debt.

T

taxnewbie8Author

Thanks for answering but I can't click the link in the answer.
Also this only answers half of my question. Can I report the rental income as well?
Yes I paid for the mortgage.