I have a question regarding Tax matters. If a property is only in one name (even though it was purchased with the money of two persons) and both persons receive income is it possible to declare these profits or losses 50/50. Meaning each person declares under their seperate Tax forms ? Or does the property need to be in both names ?
I appreciate if I can receive an aswer. My CPA says you can t but I heard from a different source that this was possible. A little confused.
@Account Closed I'd say it's time to find a tax professional who specializes in real estate.
It's absolutely possible. The name on title is only one determining factor. You can report between the two equitable owners.
@Account Closed - definitely possible to split.
@Account Closed told you I’ve been doing it wrong for decades. I was also audited and it wasn’t an issue. Some professionals call themselves accountants and others are CPAs. interview a few and let them see past returns and tell them your plans and goals and it is usually an easy decision to pick one.