I paid for the house, been file and pay tax for the house and received all the money from sailing the house. The closing house insisted issue two checks with 2 1099-5 forms with 50-50 split with my son, since his name was on the title.
Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done.
Yes, unfortunately, you will have to split the sale with your son. Each of you will have to split proceeds, expenses of sale, and basis 50/50. Then, you just have to work out the tax consequences among the two of you. It's a pain, but really the only way it can be done.
I will file 50/50, but it will not technically correct. My son will enter 50% of the depreciation amount accumulated during the past years, but in reality, they were all claimed in my tax returns. If I claim all the depreciation amount on my return, hes will shown a much bigger lose. Which way should I go?