If 50% owner of rental rents out the place and receives 100% rent income, pays 100% expenses (because other 50% doesn't want to bother), can he deduct all expenses he paid, or is there a limit because he owns only 50%? Depreciation probably is limited to his 50% ownership, right?
-
-
If it were me??????? and I was forced to comply with the other owners wishes???, I would take full depreciation and all income and expenses on my return. When it came time to sell the rental, all recapture would go on my return.Originally posted by Gabriele View Post
Since this is not a divisable building and all of the unit is used for rental, all must be accounted for. The economics of the situation is for one partner to account for all profit and losses as well as any gain or loss relating to the rental issues.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.
Comment