Taxes on rental property with fiancé

[Carolyn Hodo]

Hi all,

This year, my fiancé and I bought and moved into a house, and started renting out the old house. The old house is in just my name (the new house is in both our names). Both our names are on the lease as the landlords for the old house. We will file taxes separately (as we're not yet married). We both have W-2 jobs. Does it make the most sense for just me to claim the rental income and deductions on my taxes, and to leave it off of his? We have talked about setting up some sort of legal partnership, but haven't gotten around to it yet. I'm just not sure where to start with this. I fully intend to consult with a CPA and/or lawyer, but thought I would see if I could get some general thoughts from here first.

Thanks!

[Carl Fischer]

@Carolyn Hodo

Who makes more w2 money and how much? Who is in the higher tax bracket? Who gets the bigger bang from the deduction? What is the verbal or written agreement? How have past finances been handled-who paid for what? Who collected the rent or how was it split? Etc.  

I would need the above info to  help make a decision but the cpa can give you the values/$$ involved. 

Good luck!