Hi Jean-Michel. My name is ***** ***** I will be happy to help you.
If 6 of you own the property
, all 6 of you will have to file Schedule E with your 1040NR to claim the income (rent received). Each of you will claim 1/6 of the income and each of you should claim 1/6 of the expenses. Otherwise one of you (the one claiming expenses) will end up with losses he cannot use and 5 of you will have to pay taxes on the entire income. Also, certain deductions
or property taxes has to be split between 6 of you. If you only own 1/6 of the property, you cannot claim the depreciation for the entire house.
For instance you collected $24,000 in rent and had $12,000 in expenses. If each of you claim 1/6 of the income - $4,000 and only one of you claim the expenses, five of you will have to pay taxes on $4000 profit and one of you, the one with expenses will claim $8000 loss he will probably not be able to use. If each of you have to claim $4000 in income and $2000 in expenses each of you will end up with $2,000 profit. If each of you claim 1/6 of the expenses, your total taxable income
will be $12,000 (2000x6), if only one of you claim the expenses, your total taxable income will be $20,000 (4000x5). This is a very simplified example but you it is more logical to split the expenses.
All six of you will have to file all forms
. To calculate your depreciation, keep in mind that each of you only own 1/6 of the property, so if you purchased the house for 240,000 for example, each of you will use $40,000 as basis for depreciation.
Let me know if you have any questions.