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Schedule E question

My Ex and I rented our house during 2007 starting Jan 2007 and did not use the house as our residence during 2007. We got divorced towards the end of

2007. Now we have a net income of $500 during 2007 after deducting all expenses and taxes etc but without the depreication. Where should I indicate on the Schedule E to indicate that this $500 is a joint income with each of us accountable for $250 each.? Also is it necessary to take the depreciation? Thanks VJ-
Reply to
Alex M
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"Alex M" wrote

You should probably be filing a partnership return for 2007 for the rental activity. You would split the net partnership profits via the K-1's associated with that return.

Yes, go ahead and take depreciation.

Since it looks like you two still have the house, you'll need to do this again for 2008.

Reply to
Paul Thomas

Who has the property as a result of the divorce?

Reply to
ebetts3

partnership return? I don't think that is necessary (see recent thread).

"go ahead and take the depreciation" - I am sure you did not intend this, but that sounds rather optional. You MUST take the depreciation (well, you don't HAVE to, but when it comes time to count your profits, the IRS will treat it as if you did).

Reply to
inky dink

What about this statement from Pub 541:

"For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants."

--ron

Reply to
Ron Rosenfeld

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