povertypoint - 3/24/2024 13:10
who ever rents the farm, after your mom passes, could just write you each a check for half the rent.
You would also each receive a separate 1099 from the tenant.
each of you should write a check for half the taxes and pay the insurance that way also.
DO NOT let one party pay all the taxes through their account and you just reimburse that party.
You want/need a documented paper trail of income and expenses for income tax and possible legal issues.
sounds fairly simple with just two of you......assuming you are agreeable.
Just my opinion :)
For those with joint landlords....
