Accounting issues resolved: How do you account for income from rent if you are a co-owner?

If you derived rent jointly (or in common) with another person from a jointly held property where you were not a member of a partnership carrying on a business of renting out properties, include your share of rent and expenses on the tax return.

If the title deed shows that you were a part owner of the property, you would include only your share of the rent and expenses on your tax return.

For example, if you owned half of the property, you should show half of the rent and claim half of the deductible expenses for the property.