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Deductions & credits
I have a similar situation.
I have a house I own with my mother, as joint tenants. I have resided in the house as my primary residence for 10+ years. My mother has claimed her portion as a rental and depreciated it about $51K.
Original cost basis: $343,466
Closing Cost will be approx: $39,000 with repairs approx: $7,000.
Selling price would be $600,000 for an estimate profit for approx: $270,000 based on the cost basis from the depreciation taken and closing cost.
$270K/ 2= $135: Each. Since this is my primary residents I am gain free but for my mother the gains would be based on $135K?
May 26, 2020
2:05 PM