Switching Schedule E between Co-Owners

lagowan · ‎02-28-2021

I have a rental home owned by a mother and daughter. In 2019, the mother claimed it. For 2020, it would benefit the daughter to claim it since the mother has no real income. Has anyone moved a rental from one person to another?

TaxGuyBill · ‎02-28-2021

You can't pick-and-choose who claims income.

If the home is owned by both people, and both people share in the rental activity, BOTH people need to report it as a rental, according to their ownership percentage.

qbteachmt · ‎02-28-2021

"it would benefit the daughter to claim it"

Who gets the income and who incurs the costs? You don't get to expense something you did not incur.

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Switching Schedule E between Co-Owners

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