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I own 30% of an apartment building. For the reason to get a…

i own 30% of an...
i own 30% of an apartment building. For the reason to get a loan, i m not on title. I paid the 30% of down payment and all the fees, but i m not on the loan.
Can I file tax return for this 30%? Is there anything specific i need to do?
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Answered in 2 minutes by:
3/8/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,613
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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You are able to deduct what you paid since you are legally obligated to pay loan.

Do you own this property with someone else?

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If you have a partnership, the partnership would file a 1065 and pass along the deductions using the K-1

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Customer reply replied 4 months ago
the other partners owns 40% & 30%. Because the sake of loan, my name is ***** ***** title. the other two partners has no problem for me to file the 30%, I just want to make sure it is ok

Yes, you are allowed to deduct the amount you actually pay because, in part, you are legally obligated and actually pay.

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Customer reply replied 4 months ago
my partner said my money can also be considered a loan. the 30% cash flow of every month would be my interest, when we sell the property, they just give me back 30% of proceed. and one of my partner claim 70% on tax. Is that OK?

That's not how I would do it and I have ever heard of a real estate deal established like that...

If you are comfortable with the agreement, then it is ok.

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Also, your name can be added to the title with out much work

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Customer reply replied 4 months ago
the reason we have to do this way is, each year, lender will need monitor tax return for the property. And since I m not on loan, when they see the property is owned 40%, 30% & 30%, not 70% & 30%, it might cause a problem.
Customer reply replied 4 months ago
lender needs one owner owns more than 50%, the 40% is my sister, so I put my 30% under her name

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,613
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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