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My dad owns a % of my apt. I pay 100% of taxes & exp. In 2018 I rented it out for 6 mos. Can I claim 100% of the rental income, or does my dad have to claim his %?

Forum|Forum|7 years ago
June 3, 2019
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My dad owns 80% of my apt. I own 20%. I pay all property taxes and expenses and maintain the apt. He has nothing to do with it except he's an owner. I rented it for 6 months. Can I claim 100% of the rental income and pay the relevant taxes, or do I need to divvy up the income and the taxes with him? If you know the answer, I'd love to see where that answer comes from. Is there an IRS guideline? thank you!

TurboTax Self Employed Online

Best answer by Critter

You can claim 100% of the income and expenses you paid ... but the asset depreciation is different ... you only own 20% of the property so you can only depreciate 20% of the cost basis.

CritterAnswer

Employee

You can claim 100% of the income and expenses you paid ... but the asset depreciation is different ... you only own 20% of the property so you can only depreciate 20% of the cost basis.