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If we are co owners on a rental property doesnt the expenses and rental income apply to both or just to the highest earner?
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May 2, 2021
10:38 AM
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Investors and rental owners
Thank you for choosing Turbotax,
As co-owners, you declare a portion of the rent as decided in a written or verbal agreement between the owners. Once co-ownership is established, you need to determine if a partnership exists between you and the other owner.
Please visit our Turbotax article on Claiming Rental Income and How do I enter my rental income and expenses in TurboTax? learn more about how to declare rental income with your co-owner.
May 4, 2021
8:19 AM