I recently helped my sister purchase a house. Our total cash investment began with an approximate 25% (me) to 75% (her) cash contribution for the purchase, upgrades and short term loan which has been paid off. Our agreement is that she and her son will be the sole occupants. I will assume the cost for insurance, HOA, taxes, and repairs. Those costs will be tracked and will cause my percentage of ownership to increase and hers to decrease based on our total overall investment percentages. There is no money to be exchanged between us for any other purposes related to this property.
My questions is:
How do I list this property on my taxes?
