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Category: Tax
Satisfied Customers: 9732
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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My son is buying av2 family homenow.when I sell my condo I

Customer Question

My son is buying av2 family homenow.when
I sell my condo I want to buy the first floor. About one month later. Can we both claim half of the taxes at income tax time.i will be .using my own bank and will probably put more down on my half. The bank said this was ok.
I am 71 and should be near someone as I fall.
Submitted: 5 months ago.
Category: Tax
Expert:  Lane replied 5 months ago.
Yes, this is fine....If you own the property together,unless you specify some percentage of ownership other than 50% on the deed, IRS will assumes that the ownership is 50%....And this causes everything to be split 50/50 (mortgage interest, property taxes, etc
Expert:  Lane replied 5 months ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”)…I receive no crediting at all unless you rate in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986
Expert:  Lane replied 5 months ago.
Hi,...I’m just checking back in to see how things are going...Did my answer help?...Let me know…...Thanks,Lane…