The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  https://boards.fool.com/non-resident-home-owner-question-22802927.aspx

Subject:  NON-RESIDENT HOME OWNER QUESTION Date:  7/26/2005  9:18 PM
Author:  math999man Number:  80108 of 131374

My mother is considering investing into a new home with myself and brother. My brother will be the only person living in the new home. Myself and my mother live out of state from where the home is located.

My mother is wondering, what are the IRS tax implications of being a co-owner ?

Would this not be handled like a large stock purchase - only when the investment is sold and an income or loss is realized, then there would be IRS tax requirements ?

She is not interested in witting off the property taxes on her tax return. Basically, she just wants to be co-owner without any of the hassles (insurance, etc.. ). As of now, she thinks that this will involve considerable involvement on her part dealing with the IRS etc..

Any input from anyone would be helpful. I do not own a home and am not familiar with homes and IRS taxes.

Thanks.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us