All Forum Posts by: Danae Meurer

I meant to say Schedule E not Schedule C.

Steven,

I know this post is a little old, but I think my husband and I have been doing this incorrectly. We joint own 4 rental properties but we have only put his name on the Schedule C when we file. Do I understand correctly that we are required to elect to be a qualified joint venture or to file a partnership return? If that is the case, do we need to go back and correct the last 6 years of taxes, or can we just start doing it right this year. Also, I am really the only active partner in our real estate investing. My husband's name is on everything and he occasionally gives advice, but for the most part I do the work. If that is the case, would you still split the number 50/50 on the two Schedule C's or would you try to do a different split.

Thanks in advance for your help on this. It can get quite confusing.

Danae

We own 4 rental properties and our primary residence. I refinanced to a 15 year on one of the rentals because the rent it brings in can cover the extra payments pretty easily. When we made this decision we were only worried about paying down the loan quickly. I also chose to refinance our personal residence to a 15 year mortgage. Fast forward a few years, and we are running into DTI issues. This is something I didn't realize I needed to be thinking about until after we did it. The banks tell us to refinance the two 15 year mortgages into 30 years, but I haven't wanted to do that for a variety of reasons. All of this to say, I wish I would have known this was going to be an issue before we made those decisions. If I had it to do over again, we would do 30 year mortgages on all of our properties.