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Deductions & credits
I bought a house in 2020 with both mine and my brothers name on the title. It was only my primary home, my brother did not live there he has his own separate primary home. I put his name on the title just in case something happened to me he would have rights of survivorship if something happened to me. I sold the house after living there for 18 months.
My question is in the eyes of the IRS, do they see this as a 50/50 co-ownership even though I paid 100% of the down payment and 100% of the mortgage payments? I qualify for an exclusion to cover my portion of the gain but since the house was not my brothers primary, he does not. Or can I claim 100% of the gain and he claim 0?
Thanks!!
‎February 8, 2022
6:21 PM