Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next
Author: karen51 Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Rental income/deduction question Date: 1/9/2001 1:09 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0

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!

Karen
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement