Divorce and Rental Property Not Sold

- M
- menawach
  
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posted
17 years ago

Fri, Jan 5, 2007 1:35 AM

Clients were divorced in 2006 but rental property was not sold. How do I handle this? Do I complete a Sched E for both with the income and expenses split down the middle? Ric Smith

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- Phil Marti
  
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posted
17 years ago

Fri, Jan 5, 2007 1:05 PM

Assuming that's what happened, sure. It's just like any two unrelated people owning an income property together. Rather than assuming, I'd find out what the particulars are of this property.

-- Phil Marti Clarksburg, MD

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- dpb
  
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posted
17 years ago

Sat, Jan 6, 2007 5:02 AM

It should have been addressed in the divorce decree--are you sure it isn't? That would be place to start. If confirmed it isn't (seems like a pretty big piece of communal property to overlook, though), then if the former partners are amicible, draft an agreement letter for them spelling out the terms. If can't work it out that way, guess one would have to file a petition to the court.