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Deductions & credits
My son and I are co-owners of a single family home we have rented out for the past 4 years. I guaranteed his first loan, therefore I had my name placed on the deed at the time. He has handled all rental operations, invested his own funds, claimed 100% of the income/expenses on his taxes, etc. We are selling this property and I'm wondering if he claims 100% of the capital gains as long-term or do we have to split these gains somehow?
‎August 10, 2020
6:33 AM