I co-own a home and purchased a new primary residence on my own. Do i file for my co-owned home if I no longer live there and the co-owner pays mortgage and taxes?

[Carl]

No. However, you "may" be liable for paying taxes on any taxable gains when that property is sold. I would highly suggest you consider doing a quit-claim deed on the property unless you intend to profit off the sale of the home in the future (and pay taxes on your share of the profit). Overall, you should consult with a tax attorney in your local jurisdiction before making any decisions concerning the co-owned property.

[Carl]

If you also co-signed the mortgage on the property, you may not be able to quit-claim your name on the deed without repercussions from the lender. So that's why you need to consult with competent legal advisors before you do anything.

[jlermond9]

Thank you!!

[IreneS · Accepted solution]

No.  If the co-owner pays all the mortgage and taxes, you will not be able to deduct those expenses.