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Name on title but not on mortgage
My brother (who live in California) and I (living in TX) own a single family investment house in TX. Because of credit and other issues we decided that my brother will be the only one on mortgage. However, both our names are on Title. Operating expense (PITI) and rental income are operated from a joint bank account.
We are filing our taxes separately and would like to know how this situation will effect my taxes? Because I am not on mortgage will the rental income be counted towards my income or because the operating bank account has 50% ownership will I still be able to claim taxes on property interest? Any information in this regard will be very helpful and much appreciated.
Thank You!