Real Estate Professional Benefits

[Eduardo Sagues]

Hi, I'm buying a rental property in GA with a partner 50/50. Both names on the title. My wife can qualify as a real estate professional. She will not be on the title but we file jointly. Is there any issue when using the Real Estate Professional deductions with the fact that I co-own the property with a partner. My assumption would be that I can use the deductions for my 50% share of the property.

Thanks

[Kory Reynolds]

When one spouse qualifies as a real estate professional and makes a valid aggregation election of all rental property activities, then the benefit of that status and aggregation applies to all rental activities owned by either spouse.  This assumes married filing jointly - I'll admit I haven't looked into if there is a different answer if Married Filing Separately, but it seems plausible the answer could be different.