tst Posted March 12, 2014 Report Share Posted March 12, 2014 have a rental owned jointly by husband and wife...better for them to go separate. any reason the sch E cannot be split in 1/2. I know you can move sch A deductions around if jointly owned but never split a rental 50/50. seems messy for proforma reasons if they go joint next year and will likely only give to one spouse but thoughts? Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 13, 2014 Report Share Posted March 13, 2014 Depreciation has to be entered at 1/2, but for the E you can just report the income & other expenses at full and indicate the ownership,at 50% Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 13, 2014 Report Share Posted March 13, 2014 Can't take a rental loss under MFS. Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 13, 2014 Report Share Posted March 13, 2014 Can't take a rental loss under MFS. The loss is limited to $25K for MFS. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 13, 2014 Report Share Posted March 13, 2014 Nope, it's zero for MFS. Quote Link to comment Share on other sites More sharing options...
tst Posted March 13, 2014 Author Report Share Posted March 13, 2014 This is a gain...understand the loss rules thanks! This is a very small gain...understand the loss rules thanks! but ok to give one spouse 100% correct? you don't have to split 50/50 correct? Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 13, 2014 Report Share Posted March 13, 2014 If the rental is community property, you have to split it. Quote Link to comment Share on other sites More sharing options...
tst Posted March 13, 2014 Author Report Share Posted March 13, 2014 thanks joan it is not a community property state in ohio typically on sch A deductions etc split percentage as most advantageous. because a small gain and likely to go joint next year wanting for ease to put all on one spouses return. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted March 13, 2014 Report Share Posted March 13, 2014 Ah, the intricacies of Ohio returns! I have a client moving there. I think I'll send them to one of you Ohio guys. At least for payroll. :P Quote Link to comment Share on other sites More sharing options...
Jack from Ohio Posted March 13, 2014 Report Share Posted March 13, 2014 Ah, the intricacies of Ohio returns! I have a client moving there. I think I'll send them to one of you Ohio guys. At least for payroll. What part of Ohio are they moving to? Quote Link to comment Share on other sites More sharing options...
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