I have purchased a vehicle and am currently making payments on it as a co-buyer. As is my understanding, both my name and the name of the primary buyer are both on the title and thus have full rights to the car, so one of us (but not both) can claim it for tax purposes—as the primary buyer does not file taxes, I should be able to do so.
Is this true, and if so, are there any caveats or concerns I should be aware of when entering the information for the vehicle?
