Assignment/Transfer of Income Stream

[James Galla]

So what are yall's thoughts on this scenario:

Imagine my wife and I own one rental property, jointly, in our individual capacities. If I gift her my 1/2 interest, terminating my right to that property, does that gross income get completely attributed to her if she files individually? In the alternative, in the event I was instead single, would transferring property to the non-spouse eliminate the tax burden of incurring the gross rents on the subject property?

[Lance Lvovsky]

@James Galla

It will get attributed to her but if you are married she will file married filing separate not single. Different tax tables.