There are three of us on the loan--my husband, myself, and one twin who is currently living in the condo. When we file Schedule E, do my husband and I (who file jointly) take 2/3 of the income leaving 1/3 for our son to file on his return?===. As said this was what I meant UNLESS you and your spouse TAKE 100% of the rental income, yes.
Also, when Schedule E asks how many days were owner occupied, we will have to say 365 because our son is living there, correct? =========>As a partner yes. In general, The tax benefits to which an owner may be entitled depends upon the number of days each year that the property is rented out; you, as the owner, need to rent out the property for 15 days or more and uses it for less than 14 day or more than 10% of the total rental days, if this is greater than 14 days.say you rented your vacation home for360 days last year. You could use the home for up to 36 days of personal use before your deductions would be limited.
If so, will we still be able to get the tax write off for the expenses such as taxes, depreciation, etc?=======> yes aslongas ONLY you paid the rent related expenses UNLESS the twin pays any of the expeneses.He does not need to include his share of expenses paid by your and your spouse.