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I searched and couldn't find an answer to this specific question. I would appreciate any advice and/or pointers to pertinent websites.

My parents and I co-own the condominium that I live in. I pay all the expenses (mortgage, condo fee, utilities, repairs...) and take all the deductions.

I will be out of the country for at least a year and plan to rent the condo. Obviously since I pay all the expenses, I want to take all the deductions as well. However, IRS Publication 527 says:

"Part interest. If you own a part interest in rental property, you can deduct your part of the expenses that you paid."

So my question is, if my parents own half my property (2/3rds?), can I only deduct 1/2 or 1/3 of my expenses when I pay 100% of them? I'll be receiving all the rent as well.

Thanks in advance!

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