Question

In either joint tenancy or tenancy in common, are you able to claim tax deductions on the amount of tax you actually paid instead of your share of the tax owed?

Forum|Forum|4 years ago
March 29, 2022
1 reply
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Trying to understand the tax implications of choosing joint tenancy vs. tenancy in common as an unmarried couple.

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It doesn't matter from a tax deduction standpoint whether you are tenants in common or joint tenants with rights of survivorship. With each, you can only deduct the tax you actually pay. The differences between the two legal and have to do with ownership rights, how ownership interests are handled at the death of one of the parties etc.

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