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Posted by inky dink on January 24, 2008, 8:47 pm
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>
>> 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
>
>
>
> 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.
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).
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