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My friend and I recently purchased a condo in Florida and…

My friend and I...

My friend and I recently purchased a condo in Florida and have already re-sold it at a profit. The actual deed to the condo was in my friend’s name. For Federal tax purposes, do we have to now run the sale and profit through just my friend’s name and IRS tax reporting or can the profit be split in half between the two of us? (I did reimburse him with a check for one half of the purchase price) The closing agent is willing to cut two payoff checks, ½ to my friend and I.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

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Answered in 2 minutes by:
3/8/2018
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,276
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with this.

You guys should split the reported income since you are receiving half of the profits. You'd both be able to get half of the selling costs and half of the basis in the property. That would be the easiest way to handle the transaction.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 4 months ago
Thank You

No problem. Let me know if anything else comes up. If not, please leave a rating so I get credit for helping you out. Thanks!

Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,276
Experience: Adjunct Professor
Verified
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