Ask Experts Questions for FREE Help !
Ask
    JFJOSEPH's Avatar
    JFJOSEPH Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 15, 2014, 06:20 PM
    Split schedule C or E on rental property?
    My friend and I rented our house that we bought together; we both want to split expenses and income of that house. Can we fill out a split schedule "C" or "E" on our tax returns?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 15, 2014, 09:58 PM
    You divide the expenses and the income 50-50, and you each complete your own Schedule E. Identify the property at "50% ownership of House at whatever address".
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Deduct rental property expenses without rental income? [ 2 Answers ]

I own a condo that I used to live in but I no longer work in that city. I have been trying to rent it for almost a year but have not found a renter yet. Can I consider the condo as rental property and claim the expenses of owning it on my taxes, even though I do not have any rental income yet?...

Why would my schedule E rental income be reported on schedule C by Turbo tax [ 3 Answers ]

Last year when I reported rental income from my condo Turbo Tax listed it on schedule E. This year it is putting it on Schedule C.? Isn't Schedule C for businesses?

Can I split mortgage interest between schedule A and schedule E? [ 1 Answers ]

I am posted outside the US with the US government and therefore renting out my principal residence. On my 2009 return, if I deduct all the mortgage interest I paid on my house in schedule E (rental property), I won't have sufficient deductible expenses to itemize in Schedule A. If I can't itemize...

Property split [ 1 Answers ]

hello, we inheriated property when my fatherinlaw died.everything has already cleared probate.our questions are 1-the proty is now tenants in common between the two brothers,they both are 50% owners equally.the willstated sellat fair market value at the time of death which both brothers didn't do...

View more questions Search