Partnerships And Tax Benefits
If my partner and I take title as tenants in common, can he (the money partner) take all the tax benefits if we equally own 50 percent of the property. If so how?
If my partner and I take title as tenants in common, can he (the money partner) take all the tax benefits if we equally own 50 percent of the property. If so how?
Yes he can,but only with your permission.
Can you explain further what tax benefits you are referencing?
Do you mean allocating, for instance, 100% of the depreciation allowance to him?
Yes, you can do this. You would want to make sure your agreement is documented in the partnership agreement and/or articles of organization.
Thanks for the replies...Yes, I'm talking about any tax writeoffs possible. Interest, property tax, depreciation. We have a private Co-Ownership agreement we drew up. Stating that he gets all tax benefits will be sufficient for the IRS, provided I don't try to claim them?