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co-owned property occupied by one owner
Hi, my ex and I own an apartment with 50/50 ownership and also have a mortgage under both names. We decided to keep the way it was when we divorced. He stays and lives in the apartment and pays all the mortgage and he will claim the mortgage interest and property tax on the tax return.
Is there any problem that I need to concern about? Is 50% of his monthly mortgage payment considered rental income to me?
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co-owned property occupied by one owner
Since your ex is paying liabilities (mortgage & property taxes) that are imposed on him (as well as on you) there is no problem for you. The mortgage payments are not considered income to you.
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co-owned property occupied by one owner
@txs_my_lord - the only 'problem' you'll have could be down the road when it's time to sell. the ex will have the benefit of the capital gains exclusion (assuming the ex continues to live in the property during 2 of the last 5 years of ownership), but you won't be able to have that benefit, since you are not living there......
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