Filing Taxes as a Co-Owner?

I am a co-owner of a condo. Both myself and my investment partner are named on the mortgage we took out to invest in this condo. Does anyone have any advice on how to file taxes in this situation. We pretty much split the rental income and all necessary expenses. Would it be illegal for just 1 of us to claim all mortgage interest, taxes, rental income, and depreciation while the other just not claim anything? Or do we have to divide this up somehow on each of our returns? I've started to divide it up, and we can easily split the interest income, mortgage interest, and taxes, but when it comes to claiming the depreciation on the condo as part of a deduction, I don't know how to do account for that individually. Any help is appreciated. Thanks!

You should split all the expenses. On Form 1040, Sch E Page list all of your share of the expenses.

For depreciation you calculate the total property cost then subtract out the land portion. The depreciation for the building is calculated as cost / 27.5 for a year but in the first year you cannot take a full year. Then you split the total depreciation just like all the other expenses.

See Publication 527 from www.irs.gov.

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