Tax Question: How best to split up rent/mortgage/repairs?
March 6, 2014 3:44 AM Subscribe
TaxFilter: Partner and I own multi-family home. How best to split up $$$ from rents, repair costs, mortgage, etc for taxes this year?
posted by amicamentis to Work & Money (11 answers total)
My partner and I own a 3-apartment house. We live in one of the apartments. I'm about to do the taxes for both of us for the first time and would love any advice as to how to divvy up the past year.
- Both of our names are on the title and the mortgage.
- We've spent about $20k on repairs and $5k on improvements, both to our apartment and to the house
- My partner made a lot more money than I did in 2013 (about $115k vs $35k)
- We made about $10k on rent for 2013
- We had a bunch of work done to our apartment and moved into a different apartment while this work was being done.
- We are not married (domestic partnered)
Based on what I've read so far, my partner should list the mortgage on his taxes and I should put all of the rents / business expenses on mine. Does this sound mostly correct?
Any advice or suggestions of additional websites or books that are helpful in this situation would be greatly appreciated! Please ask questions if I've left anything out.