Allocate income and expenses

General Real Estate Investing
1

My daughter and I own a rental proeprty 50/50. Can I allocate all of the rental income and expenses to her without selling or refinancing? I actually just talked to an IRS agent and he said yes. but my accountant has said no!

and if I can do that can I have our taxes redone for rhe last 3 years?

I appreciate your expert advise.

2

IRS agent is correct. You can allocate the income and expenses any way you want between partners. Yes, you can amend previous tax returns to change allocations.

3

Thank you Deal Hunter!