Can I claim a different percentage for deductions than rental income on property that has two owners?

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Can one owner claim 100% of the deductions on a rental property (property tax, condo fee etc.) while the other owner reports 100% of the rental income? Or even claim 80% deductions and 20% income while the other reports 20% deductions and 80% income?

Best answer by TomD8

If an owner received rental income, and then claimed on his tax return that he had not, would that not constitute a fraudulent tax return? Or if he claimed rental expenses that he had not incurred?

Your tax returns should reflect the actuality of each owner's share of the income and expenses.

T

TomD8Answer

Employee

If an owner received rental income, and then claimed on his tax return that he had not, would that not constitute a fraudulent tax return? Or if he claimed rental expenses that he had not incurred?

Your tax returns should reflect the actuality of each owner's share of the income and expenses.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

B

boksleeAuthor

Employee

not trying to be fraudulent. i've read that you MUST report 50/50 if co-owned even i reality that percentage was 80/20 or 100% i'm just trying to figure out if i MUST report 50/50 or can report actual incurred cost/income.