Our mother passed and left her house and rental property (3 units) to her three children equality. No mortgages.

Rajasthan

Wills & Probate

Our mother passed and left her house and rental property (3 units) to her three children equality. No mortgages.

Lawyer Answers 1

Provided that the property has been stepped up, you use a schedule E, as 1/3 joint ownership both on rental income and all corresponding expenses. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a local counsel.