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Question

My brother and I are both owners in a rental property. Do I put total rental income on “2024 Rental Income” or just the amount that I received?

Forum|Forum|1 year ago
February 27, 2025
1 reply
0 views

Should I put total income or only my portion on a shared rental property?

When reporting rental income on your tax return, you should only include the amount you received. Since you and your brother are co-owners, each of you should report your share of the rental income and expenses on your individual tax returns.

See IRS Publication here - IRS Example below:

IRS Example.

Roger owns a one-half undivided interest in a rental house. Last year, he paid $968 for necessary repairs on the property. Roger can deduct $484 (50% (0.50) × $968) as a rental expense. He is entitled to reimbursement for the remaining half from the co-owner.