rental income
two unmarried taxpayers live together as a couple. One has been reporting rental income. What are the ramifications if the other taxpayer now wants to claim the rental income?
two unmarried taxpayers live together as a couple. One has been reporting rental income. What are the ramifications if the other taxpayer now wants to claim the rental income?
One partner just started receiving SS and wants to claim the rental income. They both file single so the other partner who still works would have less tax to pay. Overall the two would receive a larger refund if they switch.
That comes as a complete surprise. If they both own the property they both should be splitting the rent - not one reporting it over the other because it saves taxes. I think the IRS kinda frowns on those kinds of things.
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