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Question
Can I claim a schedule e if the the other owner occupies the property
AI accountant’s answer:

Yes, you can still claim a Schedule E if the other owner occupies the property. However, the specifics of how you report the income and expenses can vary based on the details of your situation.

If you own the property jointly and rent it out, you would typically report your share of the rental income and expenses on Schedule E. If the other owner lives in the property and pays you rent, you would report this rent as income.

However, if the other owner lives in the property rent-free, you may not be able to deduct all of the expenses associated with the property. The IRS generally doesn't allow you to deduct expenses for a dwelling unit that you use for personal purposes, which could include letting someone else live there rent-free.

Remember, the specifics can get complex, so it's important to understand the details of your situation and how the tax laws apply.

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