Joint Owned Rental Property

[S T]

I have a t/p that co-owns a rental property with his father.
There was a refinance done in 2007 which the son took the full debt, Father is no longer on the loan.
So now for 2007, is it okay for the Father to report one half of the income and one half of all expenses - nothing for the mortgage interest?

Son reports one half of the income, one half of the expenses and all of the mortgage interest?

Sandy

[Bees Knees]

That is how I would do it. Both deduct expenses they are actually liable for and actually pay.