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If two people are listed on rental property and sell house…

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If two people are...

If two people are listed on rental property and sell house can only one of them pay taxes on gain

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Mom and son own sold rental property. Sob wants to pay all tax.

Submitted: 8 months ago.Category: Tax
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9/19/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,318
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Hello my name is ***** ***** I will be able to assist you today.

If a mother and son own a rental property together they would be considered a partnership in the eyes of the IRS for tax paying purposes.

Partnerships are able (through a partnership agreement) to adjust how profits and losses are assigned. Therefore, the partnership would be able to assign all the profit from the sale of the rental property to the son who would then be required to pay the taxes associated with the profit.

If you have any other questions or need further clarification please let me know.

Thank you!

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

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