Who claims income w/ 50% ownership

[Andy R.]

Hello all,

I’m in the process of doing taxes and my CPA is suggesting I split my income and expenses 50/50.

I have a mortgage on a property with a relative (to help me qualify for the mortgage) and my relative is also on the deed; so we’re 50/50 on the loan and deed. 

My relative understands that I receive all of the income and pay all of the expenses on the property.

On my taxes last year I claimed all of the income on the property and all of the expenses.

This year the CPA says that the income and expenses on my taxes should be 50% since that’s the ownership stake with my relative; and that my relative should show 50% of the income and expenses on the return.

What’s your take on this? 

Should I continue to report 100% of the income and expenses under my name? 

Thanks 

Andy