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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13326
Experience:  15years with H & R Block. Divisional leader, Instructor
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My sister and I jointly(joint ownership with rights of survivor

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My sister and I jointly(joint ownership with rights of survivor ship) purchased a vacation condo in another state. We plan to use it occasionally and have the resort where the condo is located rent it out. Should the W9's be in both names, and should we both be receiving half of the revenues? Should we both be indicating the income and expenses on our taxes? Can just one of us indicate income and expense for this property on taxes? Thanks.

Hello and thank you for using Just Answer.

You should each be reporting the income and expenses on your tax returns according to your percentage of ownership. The W9s would be required from each of you.

If your ownership is 50/50 then the expenses are reported the same percentage as well as the deductions.

You will each need to file a NC tax return as non residents with NC rental property. When or if you sale the property you will have capital gain in NC for the sale.

I sincerely XXXXX XXXXX is useful,

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