What is the name of your state? Georgia
I'm considering partnering with a friend to purchase a home that will be used as rental property. All costs associated with the property will be split evenly. As long as it's possible to do so, both names will be on the deed and the mortgage. All money collected on the property will be split evenly
My question - in this scenario, who gets to claim the tax deductions? In addition, assuming a postive cash flow, how do we report rental income?
Is there some way that each one can report half the rental income and take half the deduction? Or does one of us report all income and take all deductions?
Thanks in advance for your help
I'm considering partnering with a friend to purchase a home that will be used as rental property. All costs associated with the property will be split evenly. As long as it's possible to do so, both names will be on the deed and the mortgage. All money collected on the property will be split evenly
My question - in this scenario, who gets to claim the tax deductions? In addition, assuming a postive cash flow, how do we report rental income?
Is there some way that each one can report half the rental income and take half the deduction? Or does one of us report all income and take all deductions?
Thanks in advance for your help