My brother and I co-own a 2 units property.
He lives in one unit as primary resident and we rent out unit 2.
How are the repairs expenses, taxes, and rental income distributed between the two of us?
Can we just have one file and claim everything and the other does not thing?
Generally each of you would report your proportional share of the rent income and rent expenses on your individual income tax returns.
The IRS only wants full payment of any tax liability on the home, and does not care about the specific circumstances of the ownership. Even though the law states that one owner must pay any tax liability, the penalties for failing to do so will be shared equally by all owners
A written agreement is the best way to eliminate, or at least reduce disputes over managing co-owned property.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
