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Updated over 4 years ago,
Special case: How to correctly file rental income tax?
Hi all!
My father and I started a rental business beginning a couple years ago. He lives in another city and wanted to invest where I am currently living. As a result, I manage all the finances and properties. We have a couple of houses that rented out to section 8 where I am listed as the property manager. I simply find tenants, collect rent out (made out to my name), make repairs, pay the mortgages and taxes out of my bank account. At the end of the year, I have received a 1099 Form from the housing authority. My questions are:
- How do I correctly file this income? Is it okay that I list the deductions (specifically mortgages and taxes) for these properties when I am filing, even though the property and mortgage are under my father's name?
- If not how do I correctly file this income and make the appropriate deductions to correctly reflect our true income/cash flow?
Thank you all for the help in advance! We want to make sure that we file taxes correctly and are still learning so much.