I have a co-op rental apartment jointly owned by myself and my dad and I'm trying to figure out how to handle the taxes on it (this is the first year it's rented out). I have a relatively concise question that I know an accountant would easily answer but I'm trying to avoid the costs and just use Turbotax (for the moment). It all boils down to whether we are required to split the income/deductions... [more]
I have a co-op rental apartment jointly owned by myself and my dad and I'm trying to figure out how to handle the taxes on it (this is the first year it's rented out). I have a relatively concise question that I know an accountant would easily answer but I'm trying to avoid the costs and just use Turbotax (for the moment). It all boils down to whether we are required to split the income/deductions in proportion to our ownership (i.e. 50/50). We'd like to have the taxes reflect the reality of the situation (i.e, that I am handling the rental and get all of the income and pay the expenses for it). Looking online and reading the IRS publications, it seems that this may not be an option and that we'd have to split everything 50/50 on our taxes.
Any insight would be most appreciated.
Thank you.
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