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PS26
New Member

Joint ownership in rental

My husband and I have a joint rental with our son, set up as right of survivorship.  My husband and I have been including 100% of the tax information on our tax return.  We have retired and would like to transfer that process to our son.  We refinanced the property in Apr 2022.  The original purchase was Jan 2019.  We have never had any gains on the property only losses.  The losses did not provide any tax benefit to us.  How do we make this happen?

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1 Reply
rjs
Level 15
Level 15

Joint ownership in rental

If you, your husband, and your son are all joint owners, all of you, including your son, should have been reporting your respective shares of the income and expenses on your tax returns. I don't think you and your husband can omit it from your tax return as long as you remain owners.


At this point, I think the way you make anything happen is to go to a local tax lawyer for help straightening it out.

 

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