I hope this isn’t out of line, but here goes:
Brother and I opened a checking account together because we are renting out a house. I deposit the rent into this account. (some of the money is used for repairs to the house, property taxes receipts I paid here, etc.) My brother is basically a long-distance landlord, and he is out of state, but he said he will handle the income tax on this. (I sent him all kinds of information, receipts, property taxes, etc.)
My husband and I file our income tax together. Husband says since he is going to be paying taxes on my income from the rent ( which came to under $2000 for last year), the best thing to do would be to withdraw my share of the rent received from my brother and mines account, put it into our joint checking account until we got our taxes done, and then put the money back into my brother and mine’s account.
Does this sound like something reasonable? I know nothing about taxes, and I have tried for weeks to get hold of my brother. He spews gobbledy gook tax information at me or just isn’t available.
I ask because my husband doesn’t like my brother, and I don’t want them to get into an argument on the phone. As usual, I am caught in the middle.
So should I withdraw my cut of the rental money for a short time till husband and I get our income tax done, and then put it back into my brother and mine’s account?
Should I just call H&R Block and ask?