mooseclan
New Member

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?