Re: In 2019, I made a payment to a friend to officially assume the primary property that we bough...

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

posted

No, that payment is not deductible. Your basis or cost to you was increased by the amount of the payment given.

For additional information, see Is the money I made from a home sale taxable?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I converted my primary home to rental. I moved out 11/15 and the property was rented out on 12/1. Day rented is 31 days. Is personal use start from 1/1 to 11/15?

in Investors & landlords

Expert does your taxes

Do it yourself

Resources

Support

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

Do you have an Intuit account?

In 2019, I made a payment to a friend to officially assume the primary property that we bought together a few years ago. Is that payment deductible? House was also sold

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert