horblu4d-
New Member

Joint rental property( wife).Income and expenses =loss on my return. Does it need to be prorated under both returns?

 

Investors and rental owners

Yes, if you both own the property you will be able to put the full amount of the rental income and expenses. If you are a co-owner of the rental property, your share of the rental income or loss reported will depend on your share of ownership. If you own 50% of the property, you can claim 50% of the income and expenses incurred from the property and be able to report them on your return. Here are three great articles to learn more about claiming rental income, how to enter rental income and expenses, and owning a rental property with a spouse

 

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