Divorce and Rental Property Not Sold


M

menawach

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
 
Last edited by a moderator:
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P

Phil Marti

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?
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.
 
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D

dpb

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?
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.
 
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