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J
jlermond9
Level 2
June 1, 2019
Solved

I co-own a home and purchased a new primary residence on my own. Do i file for my co-owned home if I no longer live there and the co-owner pays mortgage and taxes?

  • June 1, 2019
  • 4 replies
  • 29 views
No text available
Best answer by Irene2805

No.  If the co-owner pays all the mortgage and taxes, you will not be able to deduct those expenses.

4 replies

Carl
Level 11
CarlLevel 11
Level 11
June 1, 2019
No. However, you "may" be liable for paying taxes on any taxable gains when that property is sold. I would highly suggest you consider doing a quit-claim deed on the property unless you intend to profit off the sale of the home in the future (and pay taxes on your share of the profit). Overall, you should consult with a tax attorney in your local jurisdiction before making any decisions concerning the co-owned property.
Carl
Level 11
CarlLevel 11
Level 11
June 1, 2019
If you also co-signed the mortgage on the property, you may not be able to quit-claim your name on the deed without repercussions from the lender. So that's why you need to consult with competent legal advisors before you do anything.
I
Irene2805Answer
Level 15
June 1, 2019

No.  If the co-owner pays all the mortgage and taxes, you will not be able to deduct those expenses.

J
jlermond9Author
Level 2
June 1, 2019
Thank you!!
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