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Partial owner home sale
Mom couldn't afford mortgage payments any longer, so brother and I started making her payments - split 50/50. Started splitting mortgage interest expense on our deductions every year 50/50 as well. Sold the house this last year and gave all profit to mom. Since we had been taking the interest deduction on our taxes for the last 7 years, should we report part of the sales profit as capital gain?
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‎June 5, 2019
10:16 PM