Opv’s Activity

Mon Apr 4

NL

Boards Post

Opv replied to the Tax Strategies board. 3:23 PM

Re: ALLOCATING RENTAL INCOME/EXPENSES

Thanks. I suspect neither of them will want to pursue it and will likely opt to chalk it up to experience.

I appreciate the help.

NL

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Opv replied to the Tax Strategies board. 11:19 AM

Re: ALLOCATING RENTAL INCOME/EXPENSES

I promise this is the last related follow-up: A fair amount of the rather substantial early expenses incurred were never reported because neither sibling was aware those expenses could be carried over. Is there a time limit on reporting carry-over [more]

NL

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Opv replied to the Tax Strategies board. 11:11 AM

Re: ALLOCATING RENTAL INCOME/EXPENSES

I promise this is the last related follow-up: A fair amount of the rather substantial early expenses incurred were never reported because neither sibling was aware those expenses could be carried over. Is there a time limit on reporting carry-over [more]

NL

Boards Post

Opv replied to the Tax Strategies board. 10:47 AM

Re: ALLOCATING RENTAL INCOME/EXPENSES

Thanks, everyone! I appreciate the help.

Sun Apr 3

NL

Boards Post

Opv replied to the Tax Strategies board. 10:36 PM

Re: ALLOCATING RENTAL INCOME/EXPENSES

In addition to that last follow-up question, I thought of one additional related question. Does Sibling B have to report his income/expense "for" the tax year during which the rent was paid by the tenant, or should it be reported for the [more]

NL

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Opv replied to the Tax Strategies board. 8:54 PM

Re: ALLOCATING RENTAL INCOME/EXPENSES

At the end of the year, Sibling A reports to Sibling B that he (B) received $5,000 in rent and had $500 in expenses.

Ira


Thanks. So, Sibling A can retain reimburse himself 100% for all out-of-pocket expenses, resulting in a [more]

NL

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Opv replied to the Tax Strategies board. 11:47 AM

Re: ALLOCATING RENTAL INCOME/EXPENSES

When you say "keeping it ready to rent" -Has the property actually been rented most of the time, since 2008? What do they physically do with the rental income? Is there a joint account for the property, that they deposit the rent, and [more]

Sat Apr 2

NL

Boards Post

Opv posted to the Tax Strategies board. 10:23 AM

ALLOCATING RENTAL INCOME/EXPENSES

Two siblings inherited a parent's home and then decided to use it as rental property. While the siblings are equal owners, only one of them is involved in managing the rental property. Here's the dilemma/question:

Only one of the two [more]

NL

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Opv replied to the Ask A Foolish Question board. 10:17 AM

Re: Allocating Shared Rental Income/Expenses

I would think if they are renting the home as a business in which the two siblings had equal stake, then the brother who personally incurred the would be reimbursed from the revenue generated from the rental income. Then for tax purposes, the two [more]

Fri Apr 1

NL

Boards Post

Opv posted to the Ask A Foolish Question board. 10:01 PM

Allocating Shared Rental Income/Expenses

If a parent's home is inherited by two children who decide to use it as rental property. The siblings are equal owners but only one of them is involved in managing the rental property. Here's the dilemma/question:

Only one of the two [more]

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